Corteva Agriscience signs agreement to acquire organic company Symborg
Indianapolis, IN and Murcia, Spain (September 22, 2022) — Corteva, Inc. (NYSE: CTVA) and Symborg announced that Corteva has entered into a definitive agreement to acquire Symborg, an expert in microbiological technologies based in Murcia, Spain.
Respected throughout the biologics industry, Symborg has a diversified existing portfolio, an emerging biocontrol portfolio, and a skilled employee base with strong technical knowledge and demand generation experience.
"The acquisition of Symborg is a significant next step in Corteva's strategy to accelerate the development of a world-class biologics portfolio as a valuable part of our integrated solutions we offer our customers," said Robert King, Executive Vice President Crop Protection. Business Unit, Corteva Agriscience. “For the past three years, Corteva has established licensing and distribution agreements with leading bio-based companies, which we select after evaluating technologies and demonstrating customer acceptance. This acquisition shows Corteva's progress to further establish itself as a technology leader in this fast-growing segment."
Corteva first collaborated with Symborg to scale and bring the Utrisha™ N and BlueN™ nutrient efficiency optimizer to farmers as part of a distribution agreement between the two companies. The innovative, naturally-derived biostimulant enables plants to fix nitrogen from the air and make it available to the plant, providing an alternative source of supplemental nitrogen and potentially reducing greenhouse gas emissions from fertilizer use.
This transaction continues Corteva's commitment to building a more differentiated portfolio with sustainable advantages that provide profitable solutions for farmers. Corteva will leverage the combined organizations to extend Symborg's current solutions as well as new products in development.
“Supporting farmers around the world with our cutting-edge biobased solutions has always been Symborg's motto,” said Jesús Juárez, Symborg founding partner and CEO. “That spirit, together with a highly trained team, led us to become a key player towards sustainable agriculture. “The integration with Corteva is an opportunity to strengthen our impact in the field by helping farmers meet current and future challenges. And beyond, it is an opportunity to become the answer to the safe and sustainable food that society demands. Symborg and Corteva share values and vision of the market, becoming the perfect combination to design the future of agriculture”.
The closing of the acquisition is subject to customary closing conditions. Following the closing, Symborg's locations in Murcia, Spain and affiliates in the United States, Mexico, Peru, Chile, Brazil, France, Turkey, China and Australia will become key elements of Corteva's biologics portfolio.
Financial terms and conditions of the deal were not disclosed.
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