Scotts Miracle-Gro, Marrone Bio Announce R&D Agreement
Tuesday, October 25th, 2011
The Scotts Miracle-Gro Company (NYSE: SMG), the world's largest marketer of branded consumer lawn and garden products, and Marrone Bio Innovations (MBI), a leading global provider of natural products for pest management in the agricultural and water treatment markets, announced today an exclusive research and development agreement designed to provide consumers new natural plant protection products.
Under terms of the deal, Scotts Miracle-Gro will have access to MBI's full portfolio of innovative biopesticides for the development of new products for the lawn and garden market. The two companies will collaborate on research and development efforts, and MBI will manufacture and supply any resulting products and Scotts Miracle-Gro will maintain worldwide marketing rights. Financial terms of the deal were not disclosed.
Derived from naturally occurring compounds, MBI's biopesticides are used increasingly in farming because they effectively control pests, can enhance plant health and increase yields, and leave no residues on crops or in the environment. These same benefits are desired by many of today's consumers for their own yards and gardens. MBI has three registered products and a pipeline of early stage and advanced biopesticides for farming and water treatment. With this new partnership, Scotts Miracle-Gro will access MBI's portfolio with the goal of offering consumers the same effective natural products used in farming, but in specialized lawn and garden formulations and in easy-to-use applicators.
"We are excited about this new partnership with MBI because we believe it will lead to improved products that enable gardeners who choose natural options to get great results," said Bruce Caldwell, ScottsMiracle-Gro's Global R&D Leader. "Our goal is to provide the tools and products consumers need to be successful, and it is important to offer natural products that are truly effective. Working with partners like Marrone Bio Innovations helps drive a robust development process that combines consumer insights with the most advanced R&D in the business to create products that are simple, sustainable and significant."
"It's exciting to work with a company that shares our vision of bringing effective natural products to the marketplace" said Marrone Bio Innovations CEO Pam Marrone. "This agreement with Scotts is an example of executing on our strategy to focus on core agriculture and water markets while partnering with leading companies for other markets. There is no better partner than Scotts Miracle-Gro for understanding and accessing the consumer Lawn and Garden market."
Scotts Miracle-Gro Company