One of the majors in seed and crop protection is set to further expand its reach in the crop biologicals sector with a deal to buy the Stoller Group.
Corteva Agriscience said Wednesday it had signed a “definitive agreement” to buy Houston-based Stoller in an all-cash acquisition worth US$1.2 billion (C$1.61 billion), which it expects to close in the first half of the new year.
Stoller, whose Canadian operations are based out of Regina, makes and sells crop protection and nutrition products such as X-Cyte, a plant growth hormone meant to help protect plants against heat blast; Fortified Stimulate, another plant growth regulator combining X-Cyte’s active ingredient with three other hormones; and plant nutrient combinations billed as “growth-enhancing co-factors” under brands such as Bio-Forge, Action, X-Tra Power and Sugar Mover.
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Stoller, Corteva noted Wednesday, has operations and sales in over 60 countries and its revenues for full-year 2022 are forecasted to come in above US$400 million.
“Biologicals provide farmers with sustainably-advantaged tools that complement crop protection technologies, and collectively, can work to address global challenges around food security and climate change,” Corteva CEO Chuck Magro said in that company’s release.
Corteva said it forecasts the biologicals market to grow by “high-single digits” each year through 2035, which by then would put that segment’s share of the overall crop protection market at around 25 per cent.
Corteva said it’s developed a “world-class” biologicals business in the past three years through not only acquisitions and licensing and distribution deals, but also through “external and internal innovation” and R+D collaborations.
Corteva in September also announced a deal to buy Spanish microbiologicals firm Symborg for an undisclosed amount. Those two companies had already collaborated on the recent launches of two biostimulant products, Utrisha N and BlueN.
Stoller, Magro said Wednesday, “represents a leader in the biologicals industry given its commercial presence and market expansion potential, while also delivering attractive growth and operating margins.” — Glacier FarmMedia Network
