Corteva Pays $1.2 Billion for Stoller
US agricultural chemicals and seeds group Corteva has agreed to buy Stoller Group, a compatriot producer of biostimulants and plant nutrition products, for $1.2 billion in cash. The transaction is expected to close in the first half of 2023.
Regarded as one of the largest independent biologicals companies globally, Stoller has operations and sales in more than 60 countries and 2022 revenues are forecast at above $400 million. Corteva said the acquisition, which closely follows the purchase of Spanish microbiological technologies expert Symborg in September, brings immediate scale and profitability.
“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. Stoller represents a leader in the biologicals industry given its commercial presence and market expansion potential, while also delivering attractive growth and operating margins,” said Corteva CEO Chuck Magro.
Stoller also provides a platform for expanding and accelerating Corteva’s biologicals business to become one of the largest players in the rapidly expanding biologicals market, the CEO added. According to Corteva, the biologicals market is expected to grow by high-single digits annually through 2035, when it is estimated to represent 25% of the overall crop protection market.
Author: Elaine Burridge, Freelance Journalist
