- Deveron (FARM) announces cost optimization and synergy program
- The agriculture data company has implemented a significant cost optimization program driven by a refocus on the North American soil testing market
- Soil sampling and laboratory testing are essential functions in the processes of food production
- Deveron (FARM) is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes
- Deveron (FARM) is trading at C$0.05 as of 4:25 pm ET
Deveron (FARM) announced a cost optimization and synergy program.
The North American agriculture data company has implemented a significant cost optimization program driven by a strategic refocusing on the North American soil testing market and the synergies created from its recent acquisitions.
Soil sampling and laboratory testing are essential functions in the processes of food production. The nutrient content and biological activity within the soil measure soil health. It is a key input driver in how farmers make their decisions around fertilizer and nutrient spending and resulting application to the fields. Cumulatively, these decisions represent billions in annual spending and have a significant impact on soil health, our environmental footprint, and the ongoing sustainability of our food supply chain.
The current reprioritization of Deveron’s investments is specifically driven by the company’s strategy to become the leader in soil data. Deveron’s capabilities are empowered by a digitally enabled platform to turn these services and data into actionable insights for farmers and the teams that they work with to produce the world’s grain, fruit, and vegetables.
The International Plant Nutrition Institute estimates that 12 million soil samples are tested in North America annually. The current platform of regional field services and soil testing laboratories that Deveron has built represents a meaningful platform within this market. The current focus of the company is to accelerate the integration of its acquired businesses and the development of digital tools to deliver the highest practical value to consumers.
David MacMillan, President and CEO of Deveron, says:
“Over the last 24 months, we have acquired ten companies with various skill sets and regional presences. We are realigning our strategy to focus on owning the end-to-end soil testing market. By creating a digitally enabled and unique user experience, we can offer our customers the best solution for providing reliable and independent soil analysis. This renewed focus on integrating the businesses will positively impact our 2023 financial performance.”
Deveron (FARM) is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes.
Deveron (FARM) is trading at C$0.05 as of 4:25 pm ET.