Sumitomo to buy biostimulant firm
Subject to usual closing conditions, Japan’s Sumitomo Chemical is to acquire FBSciences, a US-based firm which makes naturally-derived biostimulants and biopesticides via proprietary methods. No financial terms or timelines have been disclosed.
Sumitomo values the biorationals market, the class of products in which biostimulants form the largest part at about $10 billion. This is about 10% of the size of the conventional agrochemicals market, but it has been enjoying far stronger growth.
The company itself has been active in biorationals for over 20 years. Since 2014, it has built a US plant for microbial crop protection products actives, acquired a rhizosphere microbials business, opened a biorational research centre and started dedicated sales organisations in multiple markets.
FSB currently has products and technologies applicable to over 50 different crops. Sumitomo said that it “will strive to further expand its biorational business by combining its global footprint and resources with FBS’s product portfolio and technological know-how”, while also seeking synergies with conventional crop protection products.