Corteva, Inc. successfully completed its separation from DowDuPont, becoming a global pure-play agriculture company. The company was formerly known as Pioneer.
“We are actually in a position where we have a fantastic opportunity to make a real difference in the world,” Corteva Plant Manager Eric Roberts said. “When we start thinking about what Corteva Agriscience is, it is a company to enrich the lives of those who produce and those who consume, ensuring progress for generations to come.”
Corteva offers solutions farmers need to maximize yield and profitability. Corteva launches with global scale and a balanced offering across seed and crop protection, underpinned by expanding digital capabilities.
“Our new company will be letting the outside in. We are going to be a company focused on diversity and inclusion and using the best practices out there in the market,” Roberts said. “We are going to help determine what the best products are for the market and creating that market ourselves with our sales teams and development products.”
The distribution of Corteva common stock was completed on June 1, with each DowDuPont stockholder of record receiving one share of Corteva common stock for every 3 shares of DowDuPont common stock. DowDuPont stockholders will also receive cash in lieu of any fractional Corteva shares.
The company’s common stock is now being traded on the New York Stock Exchange (NYSE) under the new ticket symbol “CTVA”.
With a presence in more than 140 countries, Corteva Agriscience generated $14 billion in net sales in 2018. The company has more than 150 research and development facilities and more than 65 active ingredients.
“As a new, independent agriculture company, we are intently focused on disciplined investment in innovation to deliver above the market organic revenue growth and improve Return On Invested Capital,” Executive Vice President and Chief Financial Officer of Corteva Greg Friedman said. “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.”
The company’s new name, Corteva Agriscience (kohr-‘teh-vah), is derived from words meaning “heart” and “nature.” The branding acknowledges the company’s history while looking forward to its commitment to enhancing farmer productively as well as the health and well-being of the consumers they serve.
The company is headquartered in Wilmington, Delaware, with Global Business Centers in Johnston, Iowa, and Indianapolis and five regional offices in Calgary, Canada; Johannesburg, South Africa; Geneva, Switzerland; Singapore; and Alphaville, Brazil.
“We are an Ag company that is wholly Ag,” Roberts said. “It’s one of the few companies you can actually invest in in the stock market that is a pure play Ag Company. It’s very exciting.”
More information about Corteva Agriscience is available on its new Investor Relations website: www.corteva.com/investors
About Corteva Agriscience
Corteva Agriscience provides farmers around the world with the most complete input portfolio in the industry to enable them to maximize yield and profitability – including some of the most recognized brands in agriculture: Pioneer, Granular, Brevant seeds, as well as award-winning crop protection products – while bringing new products to market through its robust pipeline of active chemistry and technologies. The company is committed to working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come.