Corteva Agriscience’s board of directors has approved a plan to split its crop protection and seed businesses into two separate, publicly traded companies, the company announced Wednesday.
After separating, current Corteva Chair Greg Page will become chair of what is being called New Corteva for now, encompassing the crop protection businesses, and current Corteva CEO Chuck Magro will become CEO of SpinCo, the placeholder name for the seed business.
“The separation will unleash two distinct market leaders, both farmer-centric, both with technology and innovation at their core and both with operating models and capital allocation priorities tailored to support their respective growth outlooks, strategic directions and value propositions,” Corteva’s press release said.
“The seed and crop protection markets have evolved, and as a result, we see the opportunities ahead for both companies diverging – this is the right time to act to stay ahead of the market,” Magro said. “This separation will allow both businesses to maximize long-term value creation by focusing on their own priorities. As such, we see this separation as the logical next step in their growth trajectory.”
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The release said each business “is expected to benefit from the separation through the following:
- “A stronger strategic and operational focus for its next phase of growth
- “Tailored capital allocation strategy with the flexibility to invest in distinct organic and inorganic growth opportunities, backed by a targeted, investment-grade credit rating
- “Improved ability to adapt quickly to leverage evolving market dynamics to deliver consistent returns
- “Distinct investment profile that unlock greater value for shareholders over time.”
“Full board and management teams of both companies will be announced at a later date, followed by other key information,” the release said. “The transaction is expected to be completed in the second half of 2026, subject to certain conditions.”
"2025 net sales attributable to New Corteva are estimated to total $7.8 billion, representing 44% of net sales for Corteva," the company said. "2025 net sales attributable to SpinCo are estimated to total $9.9 billion, representing 56% of net sales for Corteva."
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