The New Pure-play Agricultural Company has Completed Separation from DowDuPont.
Corteva, Inc. today separated from DowDuPont, becoming what its executives say is a global pure-play agricultural company. The new firm features a balanced offering between seed and crop protection, underpinned by expanding digital capabilities, according to a company news release.
“Today marks the launch of a new kind of agriculture company, well positioned to compete and win by providing farmers the complete solution they need for sustainable, long-term growth and improved profitability,” said Jim Collins, CEO of Corteva Agriscience in a company news release. “As a global leader in the combined $100 billion seed and crop protection market, Corteva Agriscience has the most robust pipeline in the industry, a world-class innovation engine, and advantaged routes to market that provide us with unparalleled customer relationships – all of which will fuel our growth as an independent company and drive value for stockholders. Our more than 21,000 dedicated employees are committed to fulfilling our purpose to enrich the lives of those who produce and those who consume, ensuring progress for generations to come.”
With a presence in more than 140 countries, Corteva Agriscience generated $14 billion in net sales in 2018. Corteva Agriscience has more than 150 research and development facilities and more than 65 active ingredients.
“The Global Reach of Indiana’s Agbiosciences” with Jim Collins, the Chief Executive Officer, Corteva Agriscience, Agriculture Division of DowDuPont. 2018 Indiana Agbioscience Innovation Summit– Convergence in Indiana
“As a new, independent agriculture company, we are intently focused on disciplined investment in innovation to deliver above-market organic revenue growth and improve return on invested capital,” said Greg Friedman, executive vice president and CFO of Corteva Agriscience, in a company news release. “We are on schedule on our commitment to achieve $1.2 billion in cost synergies by 2021, and we are confident in our plan to expand margins. Equally important, we are committed to returning significant capital to stockholders through a combination of dividends and share repurchases.”
BOARD OF DIRECTORS
The new company’s name, Corteva (kohr-‘teh-vah) Agriscience, is derived from words meaning “heart” and “nature.” The branding acknowledges the company’s history while looking forward to its commitment to enhancing farmer productivity as well as the health and well being of the consumers they serve, according to a company news release. The company is headquartered in Wilmington, Delaware, with global business centers in Johnston, Iowa, and Indianapolis, Indiana, and five regional offices in Calgary, Canada; Johannesburg, South Africa; Geneva, Switzerland; Singapore; and Alphaville, Brazil.