A roundup of noteworthy M&A deals in the agrochemical industry during the first half of 2024—what signals do they send?

In the first half of 2024, the agrochemical industry exhibited robust activity in mergers and acquisitions. From the issuance of the Central No. 1 Document at the beginning of the year to the “Three Rural Issues” work conference at year’s end, policy support for the sector remained consistently favorable. As the industry has grown, companies have increasingly adopted M&A and restructuring strategies to bolster competitiveness, optimize resource allocation, and expand their market share.

We often say that mergers and acquisitions serve as a barometer and indicator of industry trends. By examining companies’ M&A activities, we can gain insights—albeit partial—into the sector’s future direction and key areas of focus. Now, let’s take a look at some noteworthy M&A deals in the agrochemical industry during the first half of the year.

Biobest Completes Acquisition of Biotrop, Strengthening Its Position in the Brazilian Market

The management teams of Biobest Group, Aqua Capital, GIC, and Biotrop jointly announced that Biobest has completed its acquisition of Biotrop Participações S.A. As a leading player in Brazil’s rapidly growing biopesticide market, Biotrop has now become part of the Biobest Group. This acquisition marks a significant step toward Biobest’s goal of becoming one of the world’s top ten agri‑tech companies by 2034.

Through this transaction, Biobest has established a strong foothold in South America and is poised to transform into a leading agro‑biologicals company, expanding its portfolio across horticultural biocontrol and pollination. Its offerings encompass beneficial organisms, biopesticides, biostimulants, inoculants, and pollinators, applicable to both greenhouse and field crops.

Leading specialty minerals company ICL acquires bioproducts manufacturer Nitro 1000.

In February 2024, ICL, a global leader in specialty minerals, announced the acquisition of Nitro 1000, a Brazilian manufacturer, developer, and supplier of bio‑based products, for approximately US$30 million. This move expands ICL’s product portfolio and lays the groundwork for the company to enter new and adjacent end markets.

UPL Completes Acquisition of Corteva’s Mancozeb Single-Active Ingredient Business

In April, India’s UPL Corporation Ltd. announced that it had completed the acquisition of Corteva’s global single‑ingredient mancozeb fungicide business, excluding China, Japan, South Korea, the United Kingdom, Switzerland, and the European Union member states. Under the agreement, UPL obtained the full regulatory‑science dossier for mancozeb, including all data, registrations, and trademarks related to Corteva’s mancozeb‑only products, as well as a license to the Rainshield™ technology, while Corteva retained ownership of the formulated mixtures.

UPL stated that, by acquiring control of Dithane®, the original global brand of mancozeb, along with its complementary Rainshield™ technology, it will provide farmers with more reliable disease management and crop protection solutions. This acquisition will enable UPL to further expand its portfolio of multi-site fungicide solutions and strengthen its leadership position in the market.

Swiss Andermatt Group Acquires Canadian BioTEPP

Swiss Andermatt Group announced the acquisition of Canadian company BioTEPP, a move that will enable it to offer a more comprehensive portfolio of biological products to growers worldwide. BioTEPP specializes in the development and production of biopesticides; its flagship product, Virosoft™ CP4, helps farmers manage pest populations and protect crops, serving as an environmentally friendly and effective alternative to chemical pesticides. The integration of BioTEPP into Andermatt’s operations combines the strengths of both companies, enhancing Andermatt’s ability to develop and supply cutting-edge biological solutions.

Indian company PI Industries acquires PHC for £32.8 million.

On June 26, India’s PI Industries announced that its board of directors has approved the acquisition of Plant Health Care (PHC), a company listed on the UK’s AIM market, for £32.8 million. The transaction is expected to close in the second quarter of fiscal year 2025, subject to approval by UK court proceedings and by a majority of shareholders holding at least 75% of the shares. PHC is a leading player in the agricultural biotechnology sector, focusing on the research and development of protein and peptide technologies, and has earned broad recognition in key markets such as the United States, Brazil, and Mexico with its PREtec peptide product line.

PI Industries’ acquisition is fully aligned with the company’s strategic objective of developing differentiated, sustainable, end-to-end agricultural solutions. By integrating PHC’s plant‑immune‑induction technology, PI Industries will establish a “dual‑engine” approach—combining biotechnology with innovative chemical products—thereby injecting fresh momentum into its product portfolio in both the Indian and international markets.

Ginkgo Bioworks Announces Acquisition of AgBiome’s Platform Assets

Ginkgo Bioworks, a leading U.S. synthetic biology company, announced the acquisition of AgBiome’s platform assets, including more than 115,000 fully sequenced and isolated microbial strains, over 500 million unique genetic sequences, associated functional data and metadata, as well as AgBiome’s development pipeline.

These acquired assets will be integrated into Ginkgo Ag’s biologics services business, which was established following the 2022 acquisition of Bayer’s agricultural biologics R&D facilities. The assets will also expand Ginkgo’s proprietary metagenomic database. The acquisition further includes a robust product pipeline comprising 12 candidates that have been validated in greenhouse or field trials—assets that lay the groundwork for future collaborative projects and provide a diverse array of metagenomic data to support genomic discovery and AI model training.

Haohua Technology has successfully acquired Sinochem Lantian, accelerating the integration of its fluorine‑based chemical business.

On July 22, HaoHua Technology announced that the 52.81% equity interest in Sinochem Lantian held by Sinochem Group and the 47.19% equity interest held by Sinochem Assets have both been fully transferred and registered in its name. The closing and transfer procedures for the assets involved in this transaction have been completed, and HaoHua Technology has legally acquired the target assets, making Sinochem Lantian a wholly owned subsidiary of HaoHua Technology.

Through this restructuring, Haohua Technology and Sinochem Lantian will effectively optimize the structure of their fluorine‑based business and integrate resources, strengthening complementary advantages. They will fully leverage synergies across procurement, production, R&D, and sales, thereby achieving high‑quality business growth.

Syngenta acquires agricultural inputs distributor Produtécnica, strengthening its agricultural services in Brazil.

In April, Syngenta announced that, through its commercial platform SYNAP, it had successfully completed the acquisition of Produtécnica, a Brazilian distributor of agricultural inputs. The acquisition was approved by Brazil’s Administrative Council for Economic Defense (CADE), marking Syngenta’s further expansion in the Brazilian agricultural market.

As a distributor with an extensive presence across the states of Maranhão, Piauí, and Tocantins, Produtécnica, by joining Syngenta’s commercial portfolio, will provide farmers in these key agricultural regions with broader access to cutting-edge technologies and enhanced support services. According to the General Manager of SYNAP, this move not only brings to SYNAP a brand that aligns closely with its existing commercial platform but also, through the integration of Produtécnica’s resources, will further accelerate the rollout of Syngenta’s innovative technologies and services in the Brazilian market.

Yipuren will acquire three companies under Agro Science.

In July, Yipuren Group will acquire three companies under Wesemael Group’s Agro Science division—AgroBuren BV, R. van Wesemael BV, and WPA-Robertus Zeker & Vast BV. Subject to approval by the ACM (Authority for Consumers and Markets), these entities will continue to operate as independent legal entities. This acquisition not only opens up opportunities for closer collaboration among the companies but also creates new prospects for employee development. Furthermore, the acquired companies’ customers will benefit from Yipuren Group’s investments in and guidance on research, expertise, and technologies related to precision agriculture, digital farming, and fertigation. At the same time, Yipuren Group will further optimize its logistics and transportation networks to deliver faster, more efficient service to its clients.

According to available information, the Wesemael Group operates in the agriculture and horticulture sectors, with its subsidiary, Agro Science, enabling the cultivation of healthy, high-quality agricultural and horticultural products by providing advice and solutions.

Runfeng Co., Ltd. has completed the acquisition of a U.S.-based formulation plant, actively expanding its presence in the North American market.

Around March 25, Runfeng Co., Ltd. announced that it had completed the acquisition of an agrochemical formulation plant located near Houston, Texas. This move represents another significant step in the company’s overseas manufacturing strategy, which is aligned with its plan to produce high-end agrochemical formulations for export. As a result, Runfeng now operates production facilities in three countries outside China: Argentina, Spain, and the United States.

This agrochemical formulation plant was newly built in 2022 by Apex Ag Chem, specializing in the processing and repackaging of herbicide products. Since its inception, the facility’s state-of-the-art infrastructure and efficient operational practices have consistently delivered reliable product quality and dependable service.

Dow Chemical acquires Corteva’s Mexican plant, ramping up its polyurethane business.

In March, Dow announced that it has officially acquired Corteva’s polyurethane plant located in the state of Tlaxcala, Mexico. Dow stated that this acquisition will ensure the continued operation of all assets and services at the site, supporting the ongoing growth of the high‑value polyurethane market, with a strong focus on safe, reliable production and delivery to consistently meet customer needs. Upon completion of the transaction, Dow’s polyurethane production capacity in the region will expand further, enhancing its local supply capabilities, enabling it to better serve customers, and capitalizing on emerging market opportunities.

Yong’an Chemical has become a wholly owned subsidiary of Besimei.

On April 20, Shaoxing Besimei Chemical Co., Ltd. (hereinafter referred to as “Besimei”) announced that it plans to acquire, using its own funds, a 4.11% equity stake in its controlling subsidiary, Jiangsu Yong’an Chemical Co., Ltd., held collectively by the minority shareholders, for RMB 49.32 million. Upon completion of this transaction, Besimei will hold 100% of the equity in Yong’an Chemical.

The announcement states that, through this equity transfer transaction, Yong’an Chemical has become a wholly owned subsidiary of Besimei, which will enhance Besimei’s decision-making efficiency over its subsidiaries and reduce management costs and risks. It will also enable Besimei to better coordinate resource allocation and business deployment, aligning with the company’s development strategy and operational planning.

Releasing these signals...

1. Large enterprises are expanding their product lines and building up their technological capabilities, enabling agrochemical companies to strengthen their market competitiveness and rapidly broaden their business footprint.

For example, UPL has acquired Corteva’s global single‑active‑ingredient mancozeb fungicide business—excluding China, Japan, South Korea, the United Kingdom, Switzerland, and the European Union member states—thereby further expanding its portfolio of solutions in the multi‑site fungicide market.

2. Integration of agricultural input distribution channels is accelerating. Industry giants are actively expanding into downstream markets, broadening their marketing networks through acquisitions of distributors and other means. For example, Syngenta acquired Produtécnica, a Brazilian agricultural inputs distributor, to further strengthen its distribution network in Brazil.

3. Through cross-border mergers and acquisitions, integrate resources on a global scale to enhance market share and influence.

As the wave of international expansion gathers momentum, many agrochemical companies are exploring new avenues for channel growth. In light of this, cross-border M&A activity remained robust in the first half of this year; for instance, Runfeng Co., Ltd. acquired a U.S.-based formulation plant, extending its reach directly into the North American market and taking another step forward in its global strategy.

4. The biologics sector is booming. For example, India’s Pi Industries Ltd. acquired the UK‑based Plant Health Care plc (PHC), leveraging its expertise in plant immune‑inducer technology to inject new vitality into its product portfolio; Nutrien Ag Solutions acquired Suncor Energy’s agricultural‑science assets to strengthen its bio‑solutions offerings. Prior to this, from 2020 to 2023, Syngenta Group acquired Valagro, an innovation leader in the biostimulant space, while Corteva acquired Xingbo and the Sapec Group, among others.

Source: Agri-Input Headlines