Corteva buys biologicals outfit Stoller for $1.2bn in cash

Corteva inked a deal to acquire biologicals outfit Stoller for $1.2bn in cash.

Stoller was forecast to achieve over $400m in sales for 2022 and to immediately boost Corteva's scale, profits and earnings before interest, taxes, depreciation and amortisation.

Wednesday's transaction marked Corteva's second since finalising its strategic portfolio revenue.

"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 [...]" said Chuck Magro, Corteva's boss.

"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 was expected to grow at an annual rate in the high-single digits through 2035, Corteva said.