Corteva Signs Agreement to Acquire Stoller Group
Corteva announced on Wednesday it has signed a definitive agreement to acquire Houston-based Stoller, one of the largest independent biologicals companies in the industry. With operations and sales in more than 60 countries and 2022 forecasted revenues of more than $400 million, Stoller provides immediate scale and profitability, Corteva said in a company press release.
The acquisition of Stoller reinforces Corteva’s commitment to providing farmers with biological tools that complement evolving farming practices and help them meet changing market expectations, the release said. Stoller’s reputation for farmer relationships and demand creation centers around a commercial model that’s built upon sharing knowledge with the channel and farmers. Stoller has been successful by demonstrating technical excellence and delivering benefits and value of integrated solutions in the field, Corteva officials said.
“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 Chuck Magro, Chief Executive Officer, in the release. “In combination with Corteva’s leading innovation organization, Stoller 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 biologicals market is expected to grow high-single digits annually through 2035 representing approximately 25% of the overall crop protection market by 2035, the release stated.
“In Stoller’s 50+ year history, we have successfully helped growers around the world increase their productivity and improve their sustainability. We are proud to join forces with Corteva as we share a vision of helping farmers succeed in growing the nutritious food the world relies on,” said Guillermo de la Borda, Chief Executive Officer of Stoller, in the release. “This announcement is a true testament to the incredible success and dedication of our teams across the globe who have helped us become one of the most trusted biostimulant and plant health companies in the world. Our innovative solutions and deep expertise will continue to make an impact for years to come.”
Stoller is the second biologicals acquisition for Corteva this year, as the company recently announced it signed a definitive agreement to acquire Symborg, an expert in microbiological technologies based in Murcia, Spain. Corteva will bring together the complementary commercial and technical strengths of Stoller and Symborg as part of its biologicals strategy.
