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Corteva makes $1.2 billion bid for Stoller Group

Reuters
·1-min read
The logo and trading info for Corteva Agriscience, a former division of DowDuPont, is displayed on a screen at the NYSE in New York

(Reuters) - Corteva 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.

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.

(Reporting by Arshreet Singh; Editing by Anil D'Silva and Shounak Dasgupta)