Barenbrug repurchases outstanding shares from Corteva Agriscience
Date:03-14-2019
The Royal Barenbrug Group and Corteva Agriscience™, Agriculture Division of DowDuPont, announced the completion of an agreement for The Royal Barenbrug Group to acquire Corteva Agriscience’s minority share in Barenbrug Holding BV. As a result, Barenbrug will again be a 100 percent family owned company.
In addition, Barenbrug will acquire Corteva Agriscience’s Brachiaria tropical grass seed business developed with Barenbrug Holding BV. Under the terms of this agreement, Barenbrug will take over the inventory and ownership of all existing Brachiaria hybrids and germplasm, along with supporting R&D technologies. Details of the agreement are not being disclosed.
Barenbrug and Corteva Agriscience, through Dow AgroSciences, have collaborated since 2012 to drive advancements in R&D and breeding in Brachiaria forage grasses. In September 2018 the companies announced an agreement to grant Barenbrug exclusive Brazilian distribution rights for Mulato II hybrid for the 2018/2019 growing season. Today’s announcement consolidates Barenbrug’s leading portfolio of Brachiaria products.
Quote from Barenbrug:
“It is great to be a 100 percent family owned company again. This step shows our long-term commitment to the forage and turf grass business. We thank Corteva Agriscience for a fruitful cooperation over the last 6 years. Together we were able to create a strong position in the tropical grass market. Brachiaria is the most important tropical forage grass and Brazil is the largest tropical grass market in the world. Tropical farmers will benefit from the progress that both companies have made in delivering new grass varieties with higher digestibility, protein content and productivity”.
“In combination with Barenbrug’s outstanding service in grasses and forage crops, our customers will benefit from the advancements that the two companies have brought to germplasm development and R&D”, said Frank Barenbrug, Member of the Board of Directors of the Royal Barenbrug Group.
The divestiture is part of Corteva Agriscience’s ongoing efforts to focus on key strategic crops to better serve customers with superior solutions, greater choice and competitive price for value.
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