Corteva

Corteva, Inc.
Company typePublic
ISINUS22052L1044 Edit this on Wikidata
IndustryAgricultural chemicals
PredecessorsDow AgroSciences
Pioneer Hi-Bred International
Founded2019; 5 years ago (2019)
Headquarters
Indianapolis, Indiana
,
U.S.[1]
Key people
RevenueDecrease US$17.226 billion (2023[3])
Decrease US$1.326 billion (2023[3])
Decrease US$735 million (2023[3])
Total assetsIncrease US$42.996 billion (2023[4])
Total equityDecrease US$25.279 billion (2023[5])
Number of employees
approx. 22,500 (2023)
ParentDowDuPont Edit this on Wikidata
Websitecorteva.com
Footnotes / references
[6]

Corteva, Inc. (also known as Corteva Agriscience) is a major American agricultural chemical and seed company that was the agricultural unit of DowDuPont prior to being spun off as an independent public company.

DowDuPont announced the Corteva name in February 2018, saying that it was "derived from a combination of words meaning 'heart' and 'nature.'"[7] Corteva became a public company on June 3, 2019,[8] when DowDuPont distributed Corteva shares to its shareholders.

History

The DowDuPont agricultural businesses that became Corteva had revenue of over $14 billion in 2017,[9] which would have placed the company in the Fortune 500 for that year. A major part of the company is Pioneer Hi-Bred International, which DuPont purchased in 1999.[10]

In February 2020, Corteva, then the largest US-based manufacturer of the pesticide chlorpyrifos, announced that it would cease chlorpyrifos production by the end of 2020.[11]

In August 2022, Bayer CropScience sued Corteva alleging that they breached contractual obligations related to the development and commercialization of E3 soybeans. Corteva filed a suit of their own hours later, alleging that Bayer infringed upon one of its patents on a gene used in Enlist Corn, which encodes a unique herbicide resistance enzyme and is part of their Enlist Weed Control System.[12]

Corporate social responsibility

Corteva worked with CHD Group, Sewa Bharti, Pradhan to support COVID-19 missions across India for farmers.[13]

Criticism

In March 2019 Corteva was criticised by the Humane Society of the United States for testing a new fungicide on beagle dogs as such testing is required by regulatory authorities.[14] It has said the company will "proactively engage with government officials to minimize or cease animal studies, where possible, and once the industry receives confirmation that animal testing is no longer required, it will cease testing immediately and make every effort to re-home the animals" after it was reported that researchers intended to put the animals to death.[15][16][17]

In 2022, the Federal Trade Commission announced that it is initiating litigation against Corteva, challenging certain US-based discount programs extended to their respective customers.[18][19] In January 2024, a federal judge ruled that both Syngenta and Corteva must face the FTC lawsuit.[20]

References

  1. ^ "Corteva Announces EVP Rajan Gajaria's Retirement, Designates Indianapolis Global Headquarters". Corteva Agriscience. 2022-02-08. Retrieved 2022-02-09.
  2. ^ "Chuck Magro". Corteva Agriscience™. 2021-04-09. Retrieved 2022-03-18.
  3. ^ a b c "Corteva Financial Statements 2017-2024 | CTVA".
  4. ^ "Corteva Total Assets 2018-2024 | CTVA".
  5. ^ "Corteva Share Holder Equity 2018-2024 | CTVA".
  6. ^ "Corteva Agriscience Now Stands on Its Own". 3 June 2019.
  7. ^ "DowDuPont Agriculture Division to Become Corteva Agriscience as It Progresses Toward Becoming a Stand-Alone Company - DuPont USA". www.dupont.com.
  8. ^ "Corteva Agriscience, Agriculture Division of DowDuPont, Provides Pipeline Update" (Press release). PR Newswire. February 28, 2019.
  9. ^ Trager, Rebecca (March 2018). "DowDupont names its three new separate businesses". Chemistry World.
  10. ^ "DuPont Agrees to Purchase Of Seed Firm for $7.7 Billion". WSJ. March 15, 1999.
  11. ^ Boudreau, Catherine (7 February 2020). "Corteva phasing out controversial insecticide". Politico. Retrieved 7 March 2020.
  12. ^ Lee, Larry (August 15, 2022). "Bayer & Corteva Sue Each Other".
  13. ^ "Corteva Agriscience partnering with local govts & NGOs for farmer health". 2020-09-23. Retrieved 2024-03-23.
  14. ^ "Humane Society criticizes Corteva Agriscience for testing pesticides on beagles in Michigan lab". Midland Daily News. 13 March 2019.
  15. ^ Golgowski, Nina (19 March 2019). "Chemical Company Agrees To Stop Force-Feeding Beagles With Fungicide". HuffPost US.
  16. ^ "Corteva announces end of beagle tests after Humane Society of U.S. investigation". ABC12. March 18, 2019.
  17. ^ Hsin Hsuan Sun, Mimi (April 13, 2019). "Beagles force-fed pesticides, now released and up for adoption". CNN. Retrieved April 19, 2019.
  18. ^ "Syngenta and Corteva, FTC v." Federal Trade Commission. 2022-09-29. Retrieved 2023-09-22.
  19. ^ Thomas, Patrick. "Top Agriculture Company Corteva Accuses Startup of Stealing Seeds". WSJ. Retrieved 2024-02-08.
  20. ^ "Syngenta, Corteva must face FTC lawsuit over pesticide 'loyalty programs'". Reuters. Retrieved 2024-02-08.
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