Sep. 23, 2022
Corteva, Inc. (NYSE: CTVA) and Symborg announced that Corteva has signed a definitive agreement to acquire Symborg, an expert in microbiological technologies based in Murcia, Spain. Respected throughout the biologicals industry, Symborg possesses a diversified existing portfolio, an emerging biocontrol pipeline, and a skilled employee base with robust technical knowledge and demand generation expertise.
″Acquiring Symborg is a significant next step in Corteva’s strategy to accelerate the development of a best-in-class biologicals portfolio, as a valuable part of our integrated solutions we offer to our customers,″ said Robert King, Executive Vice President, Crop Protection Business Unit, Corteva Agriscience. ″Over the past three years, Corteva has established licensing and distribution agreements with the top biological companies, which we selected after evaluating technologies and demonstrating customer acceptance. This acquisition shows Corteva’s progression towards further establishing itself as a technology leader in this rapid growth segment.″
Corteva first collaborated with Symborg to scale up and bring farmers Utrisha™ N and BlueN™ nutrient efficiency optimizer as part of a distribution agreement between the two companies. The innovative, natural-origin biostimulant enables plants to fix nitrogen from the air and make it available to the plant, providing an alternative, supplemental nitrogen source and potentially reducing greenhouse gas emissions from fertilizer use.
This transaction continues Corteva’s commitment to build a more differentiated and sustainably advantaged portfolio that provides cost -effective solutions for farmers. Corteva will leverage the combined organizations to scale up Symborg’s current solutions, as well as new products in development.
"Supporting farmers worldwide with our cutting-edge biobased solutions has always been the Symborg motto,″ said Jesús Juárez, founding partner and CEO at Symborg. ″That spirit together with a highly skilled team, led us to become a key player towards sustainable agriculture. The integration with Corteva is an opportunity to reinforce our impact in the field helping farmers facing current and future challenges. And beyond, it is an opportunity to become the answer to safe and sustainable food that society is demanding. Symborg and Corteva share values and market vision, becoming the perfect match to design the future of agriculture."
Closing of the acquisition is subject to customary closing conditions. Following the close, Symborg locations in Murcia, Spain and subsidiaries in the United States, Mexico, Peru, Chile, Brazil, France, Turkey, China and Australia will become key elements of Corteva’s Biologicals Portfolio.
Financial terms and conditions of the agreement were not disclosed.