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Corteva makes $1.2 billion bid for Stoller Group

Published 11/30/2022, 08:09 AM
Updated 11/30/2022, 11:13 AM
© Reuters. FILE PHOTO: The logo and trading info for Corteva Agriscience, a former division of DowDuPont, is displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., June 3, 2019. REUTERS/Brendan McDermid

(Reuters) - Corteva (NYSE:CTVA) Inc will buy biologicals firm Stoller Group Inc for $1.2 billion in cash, the companies said on Wednesday, as it looks to expand its crop protection business.

Biologicals related to the agriculture sector are a growing market and expected to represent about 25% of the overall crop protection market by 2035.

© Reuters. FILE PHOTO: The logo and trading info for Corteva Agriscience, a former division of DowDuPont, is displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., June 3, 2019. REUTERS/Brendan McDermid

Corteva has been working toward enhancing its portfolio of crop protection assets and bought Spain-based Symborg in September.

The Stoller deal, which is expected to close in the first half of 2023, will be accretive to Corteva's core earnings in 2023, the companies said.

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