Corteva Agriscience officials range the bell on the New York Stock Exchange on Monday to mark the company’s separation from DowDuPont. The separation became official on Saturday.
The spin-off will also result in DuPont becoming a separate publicly traded company.
Corteva is comprised of Dow and DuPont agribusinesses. A profitable crop protection business was sold to FMC Corp., Philadelphia in order to satisfy antitrust concerns. FMC now occupies a portion of the Stine-Haskell research complex near Newark.
As #Corteva becomes a standalone company on June 1, we will focus on #OpenInnovation partnerships to increase sustainable solutions to feeding the growing global population. #KeepGrowing & read the article in @SeedWorldMag https://t.co/zszGjoOHyx pic.twitter.com/NHzmJ2iT79
— Corteva EUR (@CortevaEUR) May 29, 2019
As part of the deal, DuPont an FMC plant in Newark that produces coatings for pills.
Cortevawill be based near Wilmington, although its operating centers will remain in place in Indiana, Iowa and other states
The company, which describes itself as a “pure play” agricultural business has leadership positions in crop protection and the seed business, which includes Iowa-based Pioneer.
Corteva has faced challenges this year, due to flooding that has kept farmers from planting crops. Trade tensions and tariffs are another hurdle.
Click here for more background from the Midland, MI Daily News. Midland is the site of Dow’s headquarters. Dow was spun off from DowDuPont earlier in the spring.