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Corteva Agriscience signs agreement to acquire Stoller Group, one of the largest independent biologicals companies in the industry
Corteva firma un acuerdo para adquirir Stoller, referente mundial en biológicos


Indianapolis, Indiana and Houston, Texas, USA
November 30, 2022 

  • Stoller Brings Global Sales of +$400 Million and Presence in Over 60 Countries 
  • Reinforces Commitment to Driving Value for Farmers through Innovative, Sustainable Solutions
  • Corteva’s Second Biologicals Transaction Since Completion of Strategic Portfolio Reviews

Corteva, Inc. (NYSE: CTVA) and Stoller Group, Inc. (“Stoller”) today announced that Corteva 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 brings immediate scale and profitability, with EBITDA margins that will be accretive to Corteva.

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. Stoller’s superior 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.

“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 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.  In just three years, Corteva has developed a world-class Biologicals business by implementing smart, nimble strategies built around external and internal innovation, R&D collaborations, licensing and distribution agreements and acquisitions. 

“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. “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. 

The Stoller purchase price of $1.2 billion in cash represents an enterprise value multiple of approximately 12x based on Stoller’s expected EBITDA for 2022 on a stand-alone basis.  The purchase price will be paid at closing, which is anticipated to be completed in the first half of 2023 following regulatory approvals and satisfaction of customary closing conditions.  The Company expects that Stoller results will be accretive to both Operating EBITDA and Operating EPS for 2023.

The Company will host a live webcast on Monday, Dec. 5, from 11:00 a.m. to 11:30 a.m. EST to discuss additional details regarding the transaction and the Company’s overall Biologicals strategy.

This presentation will be webcast. Registration is available on the Events and Presentations Page of the Corteva Investor Relations website. A replay will also be available on the Investor Events and Presentations page until Dec. 5, 2023.

Advisors
Evercore is serving as the financial advisor to Corteva. J.P. Morgan Securities LLC is serving as lead financial advisor and Piper Sandler is serving as financial advisor to Stoller Group. Latham & Watkins served as legal advisor to Stoller.

About Corteva
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.

Follow Corteva on FacebookInstagramLinkedInTwitter, and YouTube.

About Stoller

Stoller is a multinational plant-science company whose vision is to deliver solutions that empower customers’ sustainability. Stoller helps growers around the world succeed with science-proven offerings that include physiological-signaling compounds, such as plant hormones, high-technology nutrients, and microorganisms that can be used alone or in combination to improve plant efficiency and promote plant resilience to stress. For more than 50 years, Stoller has blended its innovative, quality solutions with its deep-rooted knowledge in plant physiology, so plants can maximize their genetic potential, increasing yield and profit for progressive growers. For more information, visit https://stolleragro.com.


 

Corteva firma un acuerdo para adquirir Stoller, referente mundial en biológicos

  • Stoller aporta unas ventas mundiales de +400 millones de dólares y presencia en más de 60 países

  • Esta apuesta refuerza el compromiso de impulsar el valor para los agricultores a través de soluciones innovadoras y sostenibles

  • Se trata de la segunda operación de Corteva en el área de biológicos desde que finalizaron las revisiones estratégicas del portfolio completo de la compañía

Corteva, Inc. (NYSE: CTVA) ha firmado un acuerdo definitivo para adquirir Stoller Group, Inc. («Stoller»), una de las mayores compañías independientes de productos biológicos del sector, con sede en Houston. Con operaciones y ventas en más de 60 países y unos ingresos previstos para 2022 de más de 400 millones de dólares, Stoller aporta escala y rentabilidad inmediatas, con márgenes EBITDA que tendrán un impacto positivo para Corteva. 

La adquisición de Stoller refuerza el compromiso de Corteva de proporcionar a los agricultores herramientas biológicas que complementen la evolución de las prácticas agrícolas y les ayuden a satisfacer las cambiantes expectativas del mercado. La gran reputación de Stoller en las relaciones con los agricultores y la creación de demanda se centra en un modelo comercial basado en el intercambio de conocimientos con el canal y los agricultores. Stoller ha alcanzado el éxito demostrando su excelencia técnica, así como ofreciendo beneficios y el valor de sus soluciones integradas. 

“Los productos biológicos ofrecen a los agricultores herramientas ventajosas y sostenibles que complementan las tecnologías de protección de cultivos. En conjunto, estas contribuyen a abordar los desafíos mundiales relacionados con la seguridad alimentaria y el cambio climático. Stoller representa un líder en el sector de los productos biológicos, dada su presencia comercial y su potencial de expansión en el mercado, al tiempo que ofrece un crecimiento y márgenes operativos atractivos”, ha declarado Chuck Magro, Chief Executive Officer (CEO) de Corteva Agriscience. “En combinación con nuestra organización líder en innovación, la adquisición de Stoller supone una oportunidad clave para ampliar y acelerar el negocio de soluciones biológicas de Corteva y convertirnos en uno de los principales operadores dentro de este segmento en constante expansión”, añadió. 

Se prevé que el mercado de biológicos tenga un crecimiento anual de un solo dígito hasta 2035 y que represente aproximadamente el 25 % del mercado global de la protección de cultivos para ese año. En solo tres años, Corteva ha desarrollado un negocio de productos biológicos de primer nivel aplicando estrategias inteligentes y ágiles basadas en la innovación externa e interna, colaboraciones en I+D, acuerdos de licencia y distribución, y adquisiciones.  

«En los más de 50 años de historia de Stoller, hemos ayudado con éxito a agricultores de todo el mundo a aumentar su productividad y mejorar su sostenibilidad. Estamos orgullosos de aunar esfuerzos con Corteva, ya que compartimos la visión de ayudar a los agricultores a cultivar los alimentos nutritivos de los que el mundo depende», ha afirmado Guillermo de la Borda, Chief Executive Officer (CEO) de Stoller. Asimismo, indicaba que, “este anuncio es una verdadera prueba del increíble éxito y dedicación de nuestros equipos en todo el mundo, que nos han ayudado a convertirnos en una de las compañías de bioestimulantes y sanidad vegetal más consolidadas del mundo. Nuestras soluciones innovadoras y nuestra gran experiencia seguirán causando un enorme impacto en los próximos años”.  

Stoller es la segunda adquisición de Corteva en el sector de biológicos este año, ya que la compañía anunció recientemente la firma de un acuerdo definitivo para adquirir Symborg, un experto en tecnologías microbiológicas con sede en Murcia, España. Corteva aunará las capacidades comerciales y técnicas complementarias de Stoller y Symborg como parte de su estrategia de soluciones biológicas.  

El precio de compra de Stoller, de 1.200 millones de dólares, se pagará en el momento del cierre, que está previsto que se complete en el primer semestre de 2023, tras las aprobaciones reglamentarias y el cumplimiento de las condiciones de cierre habituales. La compañía espera que los resultados de Stoller tengan un impacto positivo tanto en el EBITDA como en el beneficio operativo por acción para 2023. 



More news from:
    . Stoller Group, Inc.
    . Corteva Agriscience


Website: https://stolleragro.com

Published: November 30, 2022

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