Corteva Inc. signed an agreement with J.G. Boswell Co. to purchase its ownership interest in PhytoGen Seed Co. LLC – a joint venture between the two companies.
PhytoGen Seed was formed to focus on the U.S. cottonseed industry. With a 53.5% stake prior to the agreement, Corteva has operated this joint venture in the U.S. market through its wholly owned subsidiary Mycogen LLC.
“This acquisition provides a solid proof point of our consistent commitment to driving long-term growth through targeted investments in solid margin opportunities that at the same time strengthen our ability to serve our customers,” Corteva Agriscience chief executive officer James C. Collins Jr. said.
“With this action, we intend to build on the strong foundation we established with J.G. Boswell Co. over the last two decades – continuing to serve cotton customers with our growing global portfolio of leading cottonseed products,” Corteva Agriscience seed business platform president Steve Reno added. “This step further strengthens Corteva Agriscience’s commitment to the cotton market and positions the company well to diversify and grow this business globally over time.”
Corteva has a high-yielding elite germplasm portfolio, with breeding infrastructure and technologies expected to continue to advance genetic gain – together with industry-leading trait technologies to address existing and emerging pest management challenges for cotton growers.
PhytoGen Breeding Traits protect yield and fiber quality all season long, with in-plant protection against challenging cotton diseases and nematode pests. Further, PhytoGen brand varieties with the Enlist cotton trait provide more options for key productivity against tough-to-control and resistant weeds, and the durability of PhytoGen brand varieties with WideStrike and WideStrike 3 Insect Protection helps cotton farmers protect their crops from potential yield-robbing pests, the announcement said.
With a 100% ownership position in PhytoGen Seed, Corteva will become the sole owner of the intellectual property, including patents, trademarks, proprietary germplasm and information, as well as know-how. Financial terms of the agreement were not disclosed.