DowDuPont announced the filing of the initial Form 10 registration statement with the U.S. Securities and Exchange Commission for the separation of Corteva Agriscience, Agriculture Division of DowDuPont. Corteva Agriscience remains on track to separate from DowDuPont on June 1, 2019.
The filing provides an overview of Corteva Agriscience’s business, the strategy it is pursuing and management’s priorities for the company. It also includes an assessment of its competitive advantages and market information as well as unaudited historical pro forma financial information for the intended company.
“This filing is another significant milestone in the process of preparing to separate Corteva Agriscience — a leading, global pure-play, agriculture company offering farmers a comprehensive and balanced portfolio of seed, crop protection and digital solutions to boost their productivity and profitability,” says James C. Collins Jr., Corteva Agriscience’s Chief Executive Officer-elect.
“We are excited to launch a company that is uniquely positioned to drive industry-leading growth leveraging our powerful R&D engine and our new product pipeline while capitalizing on the benefits of our cost and growth synergies. Our strategy is to combine our proven innovation capabilities with our unmatched customer access to provide farmers with a portfolio of products and services that optimize yield and profitability, while improving environmental sustainability. We believe our competitive strengths, including our innovation pipeline and broad portfolio of products, leadership position in key markets and strong customer relationships, will enable us to create significant value for our customers and deliver strong returns to our shareholders.”
“Corteva Agriscience is a global market leader with an experienced management team, operating in attractive markets,” says Gregory R. Friedman, Corteva Agriscience’s executive vice president and Chief Financial Officer-elect. “We are establishing the company with a lean cost structure to compete effectively in our target markets, while continuing to invest in our growth pipeline.”
Included in Corteva Agriscience’s 2017 pro forma income from continuing operations are approximately $175 – $225 million of leveraged functional and corporate costs that are not expected to continue post-spin but which do not meet the GAAP definition for discontinued operations treatment.
A brief presentation with an overview of the Form 10 filing is available on the investor relations pages of the company’s website at http://www.dow-dupont.com/investors.
Consistent with the Form 10 process, this filing is expected to be iterative. Additional information regarding capital structure, dividend policy, governance, and other matters is expected to be filed in subsequent amendments to the document. DowDuPont intends to separate Corteva Agriscience on June 1, 2019. The Form 10 can be found on the investors section of the DowDuPont website at http://www.dow-dupont.com/investors.
As previously disclosed, DowDuPont is hosting an investor event on November 7-8 in New York, New York. The afternoon of November 8 will be devoted exclusively to Corteva Agriscience and will include presentations by Collins and Friedman. It also is expected to feature presenters including Executive Vice President Rajan Gajaria, Executive Vice President and Chief Commercial Officer Tim Glenn, and Senior Vice President and Chief Technology Officer Neal Gutterson, who will lead Corteva’s business platforms, global commercial operations, and Research & Development, respectively. This event and the associated presentation materials will be available via webcast.
