WILMINGTON, Del., Oct. 31, 2019 /PRNewswire/ -- Corteva, Inc.
(NYSE: CTVA) today announced its Board of Directors has approved a
$145 million capital investment in
the Company's Midland, Mich.
manufacturing facility to expand global capacity for the Company's
high-demand insect management technology for the natural products
market.
The capacity expansion project was initiated in response to
consistently high demand for Corteva's Spinosyns products,
including Spinetoram and Spinosad. Staged to come online over the
next few years, the new production will enable Corteva to increase
its existing Spinosyns capacity by 30% – addressing the needs of
customers in the more than 100 countries into which these solutions
are sold around the world for use on more than 100 different crops.
This investment is expected to generate more than $100 million
of annual EBITDA for Corteva once fully online.
"Today's announcement underscores our commitment to taking
targeted actions that are good for our customers and help to drive
sustainable results for business," said Susanne Wasson, Corteva Crop Protection Business
President. Wasson continued, "This investment enables Corteva to
better serve our customers around the world by expanding access to
much-needed insect management solutions."
Produced through a proprietary natural fermentation process, the
Spinosyns products line, which includes Spinosad and Spinetoram
products are naturally derived solutions that provide farmers with
effective and natural insect-control options.
Both Spinosad and Spinetoram have been awarded the U.S. EPA
Green Chemistry Challenge Award – which recognizes novel chemistry
solutions that incorporate the principles of green chemistry into
chemical design, manufacture and use.
The global insecticide market is estimated at $14.5 billion and is expected to grow at a 3%
compound annual growth rate (CAGR). Today, Corteva is a leader in
the insecticide market and has a number one position in naturally
derived insecticides.
About Corteva Agriscience
Corteva, Inc. (NYSE: CTVA)
is a publicly traded, global pure-play agriculture company that
provides farmers around the world with the most complete portfolio
in the industry – including a balanced and diverse mix of seed,
crop protection and digital solutions focused on maximizing
productivity to enhance yield and profitability. With some of the
most recognized brands in agriculture and an industry-leading
product and technology pipeline well positioned to drive growth,
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 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.
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Cautionary Statement About Forward-Looking
Statements
This communication 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 are intended to be covered by the
safe harbor provisions for forward-looking statements contained in
the Private Securities Litigation Reform Act of 1995, and may be
identified by their use of words like "guidance", "plans,"
"expects," "will," "anticipates," "believes," "intends,"
"projects," "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 DuPont, 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. While
the list of factors presented below is considered representative,
no such list should be considered to be a complete statement of all
potential risks and uncertainties. Unlisted factors may present
significant additional obstacles to the realization of
forward-looking statements. 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. Some of the important factors that could cause
Corteva's actual results to differ materially from those projected
in any such forward-looking statements include: (i) effect of
competition and consolidation in Corteva's industry; (ii) failure
to successfully develop and commercialize Corteva's pipeline; (iii)
failure to obtain or maintain the necessary regulatory approvals
for some Corteva's products; (iv) failure to enforce Corteva's
intellectual property rights or defend against intellectual
property claims asserted by others; (v) effect of competition from
manufacturers of generic products; (vi) impact of Corteva's
dependence on third parties with respect to certain of its raw
materials or licenses and commercialization; (vii) costs of
complying with evolving regulatory requirements and the effect of
actual or alleged violations of environmental laws or permit
requirements; (viii) effect of the degree of public understanding
and acceptance or perceived public acceptance of Corteva's
biotechnology and other agricultural products; (ix) effect of
changes in agricultural and related policies of governments and
international organizations; (x) effect of disruptions to Corteva's
supply chain, information technology or network systems; (xi)
competitor's establishment of an intermediary platform for
distribution of Corteva's products; (xii) effect of volatility in
Corteva's input costs; (xiii) failure to raise capital through the
capital markets or short-term borrowings on terms acceptable to
Corteva; (xiv) failure of Corteva's customers to pay their debts to
Corteva, including customer financing programs; (xv) failure to
realize the anticipated benefits of the internal reorganizations
taken by DowDuPont in connection with the spin-off of Corteva;
(xvi) failure to benefit from significant cost synergies and risks
related to the indemnification obligations of legacy DuPont
liabilities in connection with the separation of Corteva; (xvii)
increases in pension and other post-employment benefit plan funding
obligations; (xviii) effect of compliance with environmental laws
and requirements and adverse judgments on litigation; (xix) risks
related to Corteva's global operations; (xx) effect of climate
change and unpredictable seasonal and weather factors; (xxi) effect
of counterfeit products; (xxii) failure to effectively manage
acquisitions, divestitures, alliances and other portfolio actions;
and (xxiii) risks related to the discontinuation of LIBOR.
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 the "Risk Factors" section of Exhibit 99.1 of Amendment No. 4 to
Corteva's Registration Statement on Form 10 and of Corteva's
Quarterly Report on Form 10-Q for the period ended June 30, 2019, as modified by subsequent reports
on Form 10-Q and Current Reports on Form 8-K.
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of Dow AgroSciences, DuPont or Pioneer, and their affiliated
companies or their respective owners.
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SOURCE Corteva, Inc.