DowDuPont (NYSE: DWDP) has announced the name of its agriculture company spinoff. Corteva Agriscience will be headquartered in Delaware and have global business centers in Indianapolis and Iowa.
The company unveiled the name and logo at the Commodity Classic convention in Anaheim. Corteva brings together DuPont Crop Protection, DuPont Pioneer and Dow AgroSciences. It will focus on areas including seed technologies, crop protection and digital agriculture.
The Indianapolis and Iowa operations will house business lines, business support functions, research and development, global supply chain and sales and marketing capabilities. The company says the Corteva name comes from a combination of words meaning "heart" and "nature." DowDuPont Agriculture Division Chief Operating Officer James Collins Jr. says Corteva will be focused on "working together with the entire food system to produce a secure supply of healthy food."
The $130 billion merger between DuPont and The Dow Chemical Co. closed last year. As part of the merger, the combined company said it would spin out into three, independently-traded entities, including the $18 billion ag-focused business. The spinoff is expected to happen by June 1, 2019.