Corteva To Acquire Symborg, Spanish Biostimulant Company
Announced in mid-September, Corteva plans to acquire Symborg.
Based in Spain, Symborg is a previous partner with Corteva as the two companies worked together to launch Utrisha N and BlueN nutrient efficiency optimizer.
“Biologicals are expected to be the fastest growing CP segment in the industry,” said Corteva CEO Chuck Magro at the Corteva Investor Day in September. “They will not replace synthetic chemistry which remains as important tools for farmers to produce crops. However biologicals have a growing place in the market as complementary, sustainably advantage.”
The acquisition includes Symborg’s portfolio of microbiological technologies, its biocontrol pipeline and employees with technical knowledge and expertise.
By 2035, Corteva leaders are expecting biologicals to make up 25% of the total crop protection market.
In the acquisition announcement, Robert King, Executive Vice President, Crop Protection Business Unit, Corteva Agriscience said: "Acquiring Symborg is a significant next step in Corteva's strategy to accelerate the development of a best-in-class biologicals portfolio, as a valuable part of our integrated solutions we offer to our customers. Over the past three years, Corteva has established licensing and distribution agreements with the top biological companies, which we selected after evaluating technologies and demonstrating customer acceptance. This acquisition shows Corteva's progression towards further establishing itself as a technology leader in this rapid growth segment."
