Company Reinforces Commitment to Shareholder Value
E. I. du Pont de Nemours and Company Announces Regular
Quarterly Dividend on Preferred Stock
WILMINGTON, Del., June 26, 2019 /CNW/ -- Corteva, Inc. (NYSE: CTVA)
today announced the authorization of a $1 billion share
repurchase program and first common stock dividend after its
spinoff from DowDuPont – collectively reinforcing the Company's
ongoing commitment to return value to shareholders.
The Company's Board of Directors authorized a $1 billion share repurchase program. The
program is expected to be completed in three years. Under this
program, shares of the Company's common stock may be repurchased
periodically in open-market or private transactions. The actual
timing, number and value of shares repurchased under the Company's
authorized share repurchase program will be determined by
management at its discretion and will depend on a variety of
factors including the market price of Corteva common stock, general
market and economic conditions, applicable legal requirements and
other business considerations.
Greg Friedman, Executive Vice
President and Chief Financial Officer of Corteva Agriscience said,
"We have established a capital structure and disciplined financial
policy that together prioritize value creation and focus on
returning this value to shareholders." Friedman continued, "The
authorization of this share repurchase program, which we intend to
execute over three years, is a solid proof point of this
disciplined approach."
The Company's Board of Directors also authorized a common stock
dividend of 13 cents per share, payable September 13, 2019, to the Company's shareholders
of record on July 31, 2019. This
marks the first cash dividend to be issued by the Company since its
spinoff from DowDuPont on June 1,
2019.
James C. Collins, Jr., Chief
Executive Officer of Corteva Agriscience said, "Collectively, these
actions underscore the Board's confidence in our growth strategy
and further reinforce our commitment to building a
shareholder-friendly company." Collins continued, "The initiation
of a quarterly common stock dividend signifies an important next
step in this commitment and our focus on consistently and
continuously returning excess cash to shareholders."
Additional Information on Corteva, Inc. Common Stock Dividend
Policy
The Company expects to pay common stock dividends on a quarterly
basis and in the medium term targets a dividend policy of 25 to
35 percent of annual net income.
E. I. du Pont de Nemours and Company Announces Preferred
Stock Dividend
The Board of Directors of E. I. du Pont de Nemours and Company
declared regular preferred stock dividends of $1.12-1/2 per share on the $4.50 series preferred stock and $0.87-1/2 per share on the $3.50 series preferred stock – both payable
October 25, 2019 to E. I. du Pont de
Nemours and Company (EID) stockholders of record October 10, 2019. EID is a wholly-owned
subsidiary of Corteva, Inc.
About Corteva Agriscience
Corteva Agriscience provides
farmers around the world with the most complete input portfolio in
the industry to enable them to maximize yield and profitability —
including some of the most recognized brands in agriculture:
Pioneer®, Granular®, Brevant™ seeds, as well
as award-winning Crop Protection products — while bringing new
products to market through its robust pipeline of active chemistry
and technologies. The company is committed to working with
stakeholders throughout the food system as it fulfills its promise
to enrich the lives of those who produce and those who consume,
ensuring progress for generations to come. Corteva Agriscience
became an independent public company on June
1, 2019, and was previously the Agriculture Division of
DowDuPont. More information can be found at www.corteva.com.
Follow Corteva Agriscience on Facebook, Instagram, LinkedIn,
Twitter and YouTube.
Cautionary Statement About Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and Section 27A of the Securities Act of 1933, as
amended, which may be identified by their use of words like
"plans," "expects," "will," "anticipates," "believes," "intends,"
"projects," "targets," "estimates" or other words of similar
meaning. All statements that address expectations or projections
about the future, including statements about Corteva's strategy for
growth, product development, regulatory approval, market position,
anticipated benefits of recent acquisitions, timing of anticipated
benefits from restructuring actions, outcome of contingencies, such
as litigation and environmental matters, expenditures, and
financial results, as well as expected benefits from, the
separation of Corteva from DowDuPont, are forward-looking
statements.
Forward-looking statements are based on certain assumptions and
expectations of future events which may not be accurate or
realized. Forward-looking statements also involve risks and
uncertainties, many of which are beyond Corteva's control.
Consequences of material differences in results as compared with
those anticipated in the forward-looking statements could include,
among other things, business disruption, operational problems,
financial loss, legal liability to third parties and similar risks,
any of which could have a material adverse effect on Corteva's
business, results of operations and financial condition.
Additionally, there may be other risks and uncertainties that
Corteva is unable to currently identify or that Corteva does not
currently expect to have a material impact on its business.
Where, in any forward-looking statement, an expectation or
belief as to future results or events is expressed, such
expectation or belief is based on the current plans and
expectations of Corteva's management and expressed in good faith
and believed to have a reasonable basis, but there can be no
assurance that the expectation or belief will result or be achieved
or accomplished. Corteva disclaims and does not undertake any
obligation to update or revise any forward-looking statement,
except as required by applicable law. A detailed discussion of some
of the significant risks and uncertainties which may cause results
and events to differ materially from such forward-looking
statements is included in Corteva's Quarterly Report on Form 10-Q
for the Quarterly Period Ended March 31,
2019 filed with the U.S. Securities and Exchange
Commission.
® TM SM Trademarks and service marks of Dow
AgroSciences, DuPont or Pioneer, and their affiliated companies or
their respective owners.
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SOURCE Corteva, Inc.