Corteva's Board of Directors unanimously approved a plan to separate the company into two publicly traded companies, one comprising its current Crop Protection business and the other being its current seed business to be known as “SpinCo”.
Corteva is the product of the brief merger of Dow and DuPont. Corteva combined agriscience assets of Dow and DuPont and was spun off as a separate company. Corteva was based for a time near Wilmington, but later moved to Indianapolis. The company, at last report, had administrative offices near Wilmington.
Corteva is also home for DuPont's pension system.
Upon separation, current Corteva Chair Greg Page will become Chair of New Corteva. Current Corteva CEO Chuck Magro will become CEO of SpinCo. Board and management teams of both companies will be announced at a later date.
“Over the past six years, we have taken deliberate steps to build a strong, successful technology company: we simplified our portfolio, reduced cost, invested in high-return endeavors and ensured our pipeline would maximize impact to farmers and returns to the company. As a result, Corteva has become the clear industry leader, with market-leading positions in both crop protection and seed. As we look to the future, we want to best position both businesses to win in their respective markets and accelerate value for shareholders,” said Magro.
Magro continued, “The seed and crop protection markets have evolved, and as a result, we see the opportunities ahead for both companies diverging – this is the right time to act to stay ahead of the market. This separation will allow both businesses to maximize long-term value creation by focusing on their own priorities. As such, we see this separation as the logical next step in their growth trajectory.”
2025 net sales attributable to New Corteva are estimated to total $7.8 billion, representing 44% of net sales for Corteva.
SpinCo will deploy advanced genetics to discover and develop solutions that help farmers around the world improve yield, enhance sustainability and strengthen crop health.
Spinco will be home of the well-known Pioneer brand that was one of top holdings of DuPont prior to the merger. This year's net sales attributable to SpinCo are estimated to total $9.9 billion.
The separation is expected to done through a spin-off of SpinCo that is intended to qualify as a tax-free transaction for U.S. federal tax purposes to Corteva shareholders.
The transaction is expected to be completed in the second half of 2026, subject to various conditions.
The Corteva split follows the playbook of DuPont, which is spinning off its faster growing electronics business into a public company.
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