Acquisitions Position Corteva as a Global Leader in Biologicals
INDIANAPOLIS, IN., March 2, 2023 – Corteva, Inc. (NYSE: CTVA) cements its position as a global leader in the rapidly expanding Biologicals market with today’s announcement that it has closed the acquisitions of Symborg, an expert in microbiological technologies based in Murcia, Spain; and Stoller, one of the largest independent companies in the Biologicals industry, based in Houston, Texas, U.S.
“These acquisitions illustrate Corteva’s commitment to providing farmers with sustainable solutions that bring value and productivity to the farm,” said Chuck Magro, Chief Executive Officer, Corteva Agriscience. “We are pleased to officially welcome Symborg and Stoller employees to Corteva. We believe their knowledge and expertise, combined with Corteva’s innovations capabilities, will come together to form a leading Biologicals Business ready to accelerate and grow with the rapidly expanding biologicals market.”
Corteva first collaborated with Symborg to scale up and bring farmers Utrisha™ N and BlueN™ nutrient efficiency optimizers under a distribution agreement between the two companies. Symborg possesses a diversified portfolio, emerging biocontrol pipeline, and skilled employees with robust technical knowledge and demand generation expertise. With subsidiaries in Brazil, Chile, China, France, Mexico, Peru, Spain, Turkey, and the United States, Symborg reaches more than 50 countries with its innovative biological solutions. Stoller brings a strong track record of success with more than 50 years of experience in more than 60 countries. The company’s strong technical expertise and exceptional commercial model built on sharing knowledge have earned it a trusted reputation throughout the Biologicals industry.
The biologicals market is expected to be the fastest-growing crop protection segment in the industry, representing 25% of the overall market by 2035.
The acquisitions of Symborg and Stoller were announced in the second half of 2022. The acquisitions, which will be accretive to EBITDA in 2023, reinforce Corteva’s commitment to providing farmers with environmentally friendly, sustainable tools that complement evolving farming practices with proven effectiveness.
Corteva, Inc. (NYSE: CTVA) is a publicly traded, global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world’s most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com.
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Cautionary Statement About Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “targets,” “estimates,” "outlook," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about the anticipated benefits and earnings related to the Symborg and Stoller transactions and Corteva's financial results or outlook; strategy for growth; product development; regulatory approvals; and market position are forward-looking statements.
Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond Corteva's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva's business, results of operations and financial condition. With respect to the contemplated transactions, forward-looking statements include, without limitation, financial estimates, statements as to the benefits or effects of the transactions, including financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. The following risks, uncertainties and other factors could affect the company’s financial performance and cause actual results to differ materially from those expressed or implied in any forward-looking statements: the risk that any post-acquisition regulatory approvals may not be obtained as a result of conditions that are not anticipated; the failure to realize the benefits of the transactions or Corteva’s biologicals strategy; the effect of the announcement of the transactions on the ability of Symborg and Stoller to retain customers and key personnel and to maintain relationships with suppliers, and on their operating results and business generally; and potential litigation in connection with the transactions.
Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva’s management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the "Risk Factors" section of Corteva’s Annual Report on Form 10-K, as modified by subsequent Quarterly Reports on Forms 10-Q and Current Reports on Form 8-K.
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