DowDuPont Paints Picture of Ag Spin-Out
MIDLAND, Michigan - Michigan-based DowDuPont Inc. is providing a detailed look at the scope of its agriculture spin-out Corteva Agriscience. The independent company, which will have a significant presence in Indianapolis, will be made up of a combination of Indianapolis-based Dow AgroSciences, DuPont Pioneer and DuPont Crop Protection. The spin is expected to take place June 1.
In a notice to shareholders included in a U.S. Securities and Exchange Commission filing, Chief Executive Officer James Collins said Corteva plans to launch 21 seed and crop protection products between 2018 and 2021. The agriculture-focused spin-out, one of three planned by DowDuPont as part of the merger of giants Dow and DuPont, says it anticipates $1.1 billion in cost synergies and $500 million in growth synergies. Corteva is expected to have some 21,500 employees.
The company's crop protection global business center will be located on the northwest side of Indianapolis where Dow AgroSciences currently calls home. Corteva will be headquartered in Delaware where DuPont's crop protection businesses was located.
You can connect to the full report to shareholders and the SEC by clicking here.