Delaware-based Corteva Inc. (NYSE: CTVA) is officially operating independently. The agriculture company, which has a major presence in Indianapolis, has spun off from DowDuPont and is now trading on the New York Stock Exchange.
Corteva Agriscience celebrated the move with employees Monday. Chief Executive Officer Jim Collins said the spin-off marks the launch of a new kind of agriculture company.
"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, 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 stockholders through a combination of dividends and share repurchases."
The company says it completed its distribution of Corteva common stock on Saturday, with each DowDuPont stockholder receiving one share of Corteva common stock for every three shares of DowDuPont common stock they held as of May 24.
Corteva has more than 21,000 employees worldwide with a presence in more than 140 countries and more than 150 research and development facilities. Indianapolis is home to one of two Global Business Centers for the company, with the other located in Johnston, Iowa.
In November, Corteva Executive Vice President for Business Platforms Rajan Gajaria appeared on Inside INdiana Business with Gerry Dick to talk about the company’s plans for Indiana. You can watch the interview below: