• New company is global leader in two large, attractive markets – seed and crop protection – underpinned by expanding digital capabilities
• Begins regular way trading under “CTVA” ticker symbol
Corteva, Inc. (NYSE: CTVA) successfully completed its separation from DowDuPont, becoming a leading, global pure-play agriculture company that offers the complete solutions farmers need to maximize yield and profitability. Corteva Agriscience launches today with global scale and a balanced offering across seed and crop protection, underpinned by expanding digital capabilities and powered by the richest innovation pipeline in the industry.
The distribution of Corteva common stock was completed on June 1, with each DowDuPont shareholder of record receiving 1 share of Corteva common stock for every 3 shares of DowDuPont common stock held as of the close of business on May 24, 2019. DowDuPont shareholders will also receive cash in lieu of any fractional Corteva shares. Corteva common stock begins trading today on the New York Stock Exchange (NYSE) under its new ticker symbol “CTVA”.
“Today marks the launch of a new kind of agriculture company, uniquely positioned to compete and win by providing farmers the complete solution they need for sustainable, long-term growth and improved profitability,” said Jim Collins, Chief Executive Officer of Corteva Agriscience. “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 intimacy – all of which will fuel our growth as an independent company and drive value for shareholders. 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. 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 market organic revenue growth and improve Return On Invested Capital,” said Greg Friedman, Executive Vice President and Chief Financial Officer of Corteva Agriscience. “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 shareholders through a combination of dividends and share repurchases.”
The new Company’s 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 productivity 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, Indiana and five regional offices in Calgary, Canada; Johannesburg, South Africa; Geneva, Switzerland; Singapore; and Alphaville, Brazil.
Commenting on Corteva Agriscience’s first day of trading as an independent, pure-play global agriculture leader, Adrian Gough, Country Leader of Corteva UK & Ireland, said: “Today is the culmination of more than a century of innovation and expertise in UK crop protection and seed.
“We have the richest pipeline in the industry boasting recent ground-breaking active ingredients and new products to come in the next three years. This innovation pipeline is our core strength as we build our new business centred on maximizing yields and profitability for farmers.
“And with a larger base and combined resources we will bring even more value to our customers and the wider industry.