Davie Stephens, American Soybean Association president, joined Corteva Agriscience for the opening bell ceremony today (June 3) at the New York Stock Exchange to mark the company’s official launch.
“It’s an honor to join Corteva this morning for such a storied and famed tradition as the NYSE bell-ringing ceremony,” Stephens said.
Corteva Agriscience will offer seed and crop protection products in more than 140 countries. Corteva, Inc. has separated from DowDuPont.
The distribution of Corteva common stock was completed on June 1, with each DowDuPont stockholder 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 stockholders will also receive cash in lieu of any fractional Corteva shares. Corteva common stock begins trading today (June 3) on the New York Stock Exchange under its new ticker 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.
Greg Friedman, Executive Vice President and Chief Financial Officer of Corteva Agriscience, 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 new company’s name, Corteva Agriscience (kohr-'teh-vah), is derived from words meaning “heart” and “nature.” 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.