Corteva, Inc. has successfully completed its separation from the DowDuPont, turning into a leading, global pure-play agriculture firm that provides the complete solutions cultivators need to maximize their yield as well as profitability. Corteva Agriscience launches on 3rd June 2019 with a global scale and a balanced offering across seed & crop protection, supported by expanding digital capabilities & powered by the broadest & most productive innovation pipeline in the industry.
On 1st June, the distribution of Corteva common stock was completed, with each DowDuPont stockholder of record receiving one share of Corteva common stock for every three shares of DowDuPont common stock held since the close of business on 24th May, 2019. DowDuPont stockholders will also get cash in place of any fractional Corteva shares. Corteva common stock starts trading on 3rd June 2019 at the New York Stock Exchange under its new ticker symbol ‘CTVA’.
Chief Executive Officer of Corteva Agriscience, Jim Collins said, “Today marks the launch of a new kind of Agriculture Company that is well positioned to contend and win by providing growers the complete solution they need for sustainable, long-term growth & improved profitability”.
He said, “As a global leader in the combined 100 billion dollar seed & crop protection market, Corteva Agriscience has the most robust pipeline in the industry, a world-class innovation engine & advantaged routes to market that give us with unparalleled consumer relationships – all of which will stimulate our growth as an independent firm & drive value for stockholders. Our more than 21,000 dedicated workers are committed to accomplishing our purpose to enhance the lives of those who produce & those who consume, ensuring growth for generations to come.”
Corteva Agriscience that has presence in over 140 countries has generated 14 billion dollar in net sales in the year 2018. The firm has over 150 research & development facilities and more than 65 active ingredients.
Executive Vice President & Chief Financial Officer of Corteva Agriscience, Greg Friedman said, “As a new, independent agriculture firm, we are keenly focused on disciplined investment in innovation to deliver above market organic revenue growth & enhance Return on Invested Capital”. He said, “We are on schedule on our commitment to attain 1.2 billion dollar in cost synergies by the year 2021 and we are sure in our plan to expand margins. Equally important, we are committed to returning significant capital to stockholders through a combination of dividends & share repurchases.”
The new Company’s name is Corteva Agriscience (kohr-'teh-vah), which is derived from words that means “heart” & “nature.” The branding acknowledges the firm’s history while looking forward to its commitment to improving farmer productivity with the health & well-being of the customers they serve. The firm is headquartered in Wilmington, Delaware with Global Business Centers located in Johnston, Iowa & Indianapolis, Indiana & five regional offices in Johannesburg, South Africa; Calgary, Canada; Geneva, Switzerland; Singapore; & Alphaville, Brazil.
