Corteva, a major U.S. agricultural chemicals company, announced Wednesday it will divide into two separate publicly traded companies during the fourth quarter of 2024. The split will separate the company's seed and pesticide divisions as part of a strategic refocusing effort.
Agricultural chemicals giant Corteva announced Wednesday that it plans to complete its previously disclosed company division by the fourth quarter of 2024, creating two separate publicly traded entities.
The corporation revealed late in 2023 that it intended to divide its seed operations from its pesticide divisions in an effort to create more focused strategic direction for each business segment.
Speaking at the BofA Global Agriculture and Materials Conference, Corteva’s Chief Executive Chuck Magro indicated that the company will reveal the headquarters locations, top management teams, and chief executive officer for the restructured Corteva during the first six months of 2024.
Company leadership expressed confidence about the crop protection sector’s outlook, pointing to consistent demand increases and opportunities for additional industry consolidation.
“We’re seeing strong demand, essentially around the world, but there’s going to be some continued headwinds, in price, but volume should more than offset it,” a senior executive stated during the conference presentation.
The agricultural company maintains a $9 billion crop protection development pipeline, featuring six active compounds and additional biological products scheduled for market introduction in the coming timeframe.
“So the set up for our business is really strong,” the executive added.
According to Corteva, favorable policy developments in the United States may provide benefits not only for the domestic soybean industry but also for canola and mustard crop markets.
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