- Stoller with Global Sales of $400M and Presence in More than 60 Countries
- Reinforces Commitment to Creating Value for Farmers with Innovative, Sustainable Solutions
- Second Biologicals Transaction Since Completion of Strategic Portfolio Reviews
INDIANAPOLIS and HOUSTON, November 30 , 2022 - Corteva, (NYSE: CTVA) and Stoller Group, Inc. ("Stoller") announced today that Corteva's subsidiary has entered into a definitive agreement to acquire Houston-based Stoller, the largest independent Biologicals company in the industry. Stoller brings instant scale and profitability to Corteva with EBITDA margins, with operations and sales in more than 60 countries and projected revenues of more than $400 million for 2022.
The Stoller acquisition reinforces Corteva's commitment to providing farmers with Biological tools that complement evolving farming practices and help them meet changing market expectations. Stoller's outstanding reputation for farmer relations and demand generation centers around a business model built on channel and information sharing with farmers. Stoller has succeeded by demonstrating technical excellence and delivering the benefits and value of integrated solutions in the field.
“Biologicals provide farmers with sustainably advantageous tools that complement crop protection technologies and can collectively work to address global challenges related to food security and climate change. Stoller represents a leader in the Biologicals industry with its commercial presence and market expansion potential, while at the same time engaging in attractive growth. and offers operating margins.” said. "Together with Corteva's leading innovation organization, Stoller will support the implementation of our strategy to deliver differentiated sustainable solutions to our customers and position Corteva as one of the largest players in the rapidly growing Biologicals market."
The bios market is expected to grow in high single digits annually until 2035 and represent around 25% of the overall plant protection market by 2035. In just three years, Corteva has developed a world-class Biologicals business by implementing smart, agile strategies built around external and internal innovation, R&D collaborations, licensing and distribution agreements, and acquisitions.
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"Stoller provides a platform to expand and accelerate Corteva's Biologicals business, thanks to its commercial engine and its current scale in key markets," said Robert King, Vice President, Crop Protection Business Unit. “Our investments enable us to provide robust, innovative and sustainable solutions that complement our Crop Protection and Seed products, while continuing to work closely with our channel partners to add value to farmers.”
“In Stoller's more than 50-year history, we have successfully helped growers around the world increase their productivity and improve their sustainability. Stoller, Chief Executive Officer, Guillermo de la Borda, joins forces with Corteva, where we share the vision of helping farmers succeed in growing the nutritious food the world needs. We are proud to unite." "This announcement is a true testament to the incredible success and dedication of our worldwide teams that have helped us become one of the world's most trusted biostimulant and phytosanitary companies. Our innovative solutions and deep expertise will continue to make an impact for years to come."
Stoller is Corteva's second biological acquisition this year, while the company recently announced that it has signed a definitive agreement to acquire Murcia/Spain-based microbiological technologies specialist Symborg. Corteva will leverage the complementary commercial and technical strengths of Stoller and Symborg as part of its Biologicals strategy.
The Stoller acquisition of approximately $1.2 billion in cash is payable at closing and is expected to be completed in the first half of 2023, after regulatory approvals and customary closing conditions are met. The company expects Stoller results to contribute to both its Operating EBITDA and Operating EPS for 2023.