On Wednesday, Corteva (NYSE:CTVA) Inc said that it would buy biologicals firm Stoller Group Inc for USD 1.2 billion in cash as it seeks to develop its crop protection business.

Biologicals associated with the agriculture sector are a growing market and are expected to represent about 25 per cent of the overall crop protection market by 2035. It is to be noted that US-based Corteva has been working toward improving its portfolio of crop protection assets and bought Spain-based Symborg in September.

The said deal is expected to close by 2023. Also, it will be accretive to Corteva’s core earnings in 2023.

Founded in 2019, Corteva is a US-based agricultural chemical and seed company. Headquartered in Indianapolis, it was DowDuPont’s agricultural unit before being spun off as an independent public company.