Corteva

Last updated
Corteva, Inc.
Company type Public
ISIN US22052L1044  OOjs UI icon edit-ltr-progressive.svg
Industry Agricultural chemicals
Predecessors Dow AgroSciences
Pioneer Hi-Bred International
Founded2019
Headquarters,
U.S.
Key people
RevenueIncrease2.svg$ 14.217 Billion (2020) [3]
1,317,000,000 ±1000000 United States dollar (2021)  OOjs UI icon edit-ltr-progressive.svg
1,759,000,000 ±1000000 United States dollar (2021)  OOjs UI icon edit-ltr-progressive.svg
Total assets 42,344,000,000 ±1000000 United States dollar (2021)  OOjs UI icon edit-ltr-progressive.svg
Number of employees
21,000 [4]
Parent DowDuPont  OOjs UI icon edit-ltr-progressive.svg
Website corteva.com

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.

Contents

DowDuPont announced the Corteva name in February 2018, saying that it was "derived from a combination of words meaning 'heart' and 'nature.'" [5] Corteva became a public company on June 3, 2019, [6] when DowDuPont distributed Corteva shares to its shareholders.

History

The DowDuPont agricultural businesses that became Corteva had revenue of over $14 billion in 2017, [7] 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. [8]

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. [9]

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. [10]

Corporate Social Responsibility

Corteva worked with CHD Group, Sewa Bharti, Pradhan to support COVID-19 missions across India for farmers. [11]

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. [12] 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. [13] [14] [15]

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. [16] [17] In January 2024, a federal judge ruled that both Sygenta and Corteva must face the FTC lawsuit. [18]

Related Research Articles

<span class="mw-page-title-main">Dow Chemical Company</span> American chemical company

The Dow Chemical Company is an American multinational corporation headquartered in Midland, Michigan, United States. The company is among the three largest chemical producers in the world. It is the operating subsidiary of Dow Inc., a publicly traded holding company incorporated under Delaware law.

<span class="mw-page-title-main">Chlorpyrifos</span> Chemical compound

In organic chemistry, chlorpyrifos (CPS), also known as chlorpyrifos ethyl, is an organophosphate pesticide that has been used on crops, animals, and buildings, and in other settings, to kill several pests, including insects and worms. It acts on the nervous systems of insects by inhibiting the acetylcholinesterase enzyme. Chlorpyrifos was patented in 1966 by Dow Chemical Company.

<span class="mw-page-title-main">Agrochemical</span> Any chemical used in agriculture

An agrochemical or agrichemical, a contraction of agricultural chemical, is a chemical product used in industrial agriculture. Agrichemical refers to biocides and synthetic fertilizers. It may also include hormones and other chemical growth agents.

<span class="mw-page-title-main">Benomyl</span> Chemical compound

Benomyl is a fungicide introduced in 1968 by DuPont. It is a systemic benzimidazole fungicide that is selectively toxic to microorganisms and invertebrates, especially earthworms, but nontoxic toward mammals.

<span class="mw-page-title-main">Syngenta</span> Global provider of agricultural science and technology

Syngenta is a provider of agricultural science and technology, in particular seeds and pesticides with its management headquarters in Basel, Switzerland. It is owned by ChemChina, a Chinese state-owned enterprise.

<span class="mw-page-title-main">Pioneer Hi Bred International</span> American producer of hybrid seeds for agriculture

Pioneer Hi-Bred International, Inc. is a U.S.-based producer of seeds for agriculture. They are a major producer of genetically modified crops with insect and herbicide resistance.

<span class="mw-page-title-main">Chlorothalonil</span> Fungicide

Chlorothalonil (2,4,5,6-tetrachloroisophthalonitrile) is an organic compound mainly used as a broad spectrum, nonsystemic fungicide, with other uses as a wood protectant, pesticide, acaricide, and to control mold, mildew, bacteria, algae. Chlorothalonil-containing products are sold under the names Bravo, Echo, and Daconil. It was first registered for use in the US in 1966. In 1997, the most recent year for which data are available, it was the third most used fungicide in the US, behind only sulfur and copper, with 12 million pounds used in agriculture that year. Including nonagricultural uses, the United States Environmental Protection Agency (EPA) estimates, on average, almost 15 million lb (6.8 million kg) were used annually from 1990 to 1996.

Dow AgroSciences LLC was a wholly owned subsidiary of the Dow Chemical Company specializing in not only agricultural chemicals such as pesticides, but also seeds and biotechnology solutions. The company was based in Indianapolis, Indiana, in the United States. On 31 January 2006, Dow AgroSciences announced that it had received regulatory approval for the world's first plant-cell-produced vaccine against Newcastle disease virus from USDA Center for Veterinary Biologics. Dow AgroSciences operates brand names such as Sentricon, Vikane, Mycogen®, SmartStax®, Enlist™, Pfister Seed®, PhytoGen®, Prairie Brand Seed®, Alforex Seeds®, Profume, Dairyland Seed®, and Brodbeck Seed®.

Acibenzolar-<i>S</i>-methyl Chemical compound

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<span class="mw-page-title-main">1,3-Dichloropropene</span> Chemical compound

1,3-Dichloropropene, sold under diverse trade names, is an organochlorine compound with the formula C3H4Cl2. It is a colorless liquid with a sweet smell. It is feebly soluble in water and evaporates easily. It is used mainly in farming as a pesticide, specifically as a preplant fumigant and nematicide. It is widely used in the US and other countries, but is banned in 34 countries.

<span class="mw-page-title-main">Azoxystrobin</span> Chemical compound

Azoxystrobin is a broad spectrum systemic fungicide widely used in agriculture to protect crops from fungal diseases. It was first marketed in 1996 using the brand name Amistar and by 1999 it had been registered in 48 countries on more than 50 crops. In the year 2000 it was announced that it had been granted UK Millennium product status.

Mycogen Seeds, headquartered in Indianapolis, Indiana, United States, provides seeds for agriculture. Mycogen produces, markets and sells hybrid seed corn. The company also markets and sells sorghum, sunflower, soybean, alfalfa, and canola.

CropLife International is an international trade association of agrochemical companies founded in 2001. It was previously known as Global Crop Protection Federation and started out as International Group of National Associations of Manufacturers of Agrochemical Products in 1967. Its members include the world's largest agricultural biotechnology and agricultural pesticide businesses namely BASF, Bayer CropScience, Corteva, FMC Corp., Sumitomo Chemical and Syngenta. The international body combines several national-level or continent-wide organisations, each one having the same goals but differing according to local language and custom.

Yield10 Bioscience is a company developing new technologies to achieve improvements in crop yield to enhance global food security.

<span class="mw-page-title-main">Sulfoxaflor</span> Chemical compound

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China National Chemical Corporation, commonly known as ChemChina, is a Chinese state-owned chemical company in the product segments of agrochemicals, rubber products, chemical materials and specialty chemicals, industrial equipment, and petrochemical processing for the civilian and military sectors. As of 2020, it is ranked 164th among the Fortune Global 500 companies.

<span class="mw-page-title-main">Cyproconazole</span> Chemical compound

Cyproconazole is an agricultural fungicide of the class of azoles, used on cereal crops, coffee, sugar beet, fruit trees and grapes, on sod farms and golf courses and on wood as a preservative. It was introduced to the market by then Sandoz in 1994.

DuPont de Nemours, Inc., commonly shortened to DuPont, is an American multinational chemical company first formed in 1802 by French-American chemist and industrialist Éleuthère Irénée du Pont de Nemours. The company played a major role in the development of Delaware and first arose as a major supplier of gunpowder. DuPont developed many polymers such as Vespel, neoprene, nylon, Corian, Teflon, Mylar, Kapton, Kevlar, Zemdrain, M5 fiber, Nomex, Tyvek, Sorona, Corfam and Lycra in the 20th century, and its scientists developed many chemicals, most notably Freon (chlorofluorocarbons), for the refrigerant industry. It also developed synthetic pigments and paints including ChromaFlair.

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<span class="mw-page-title-main">UPL (company)</span> Indian multinational chemical company

UPL Limited, formerly United Phosphorus Limited, is an Indian multinational company that manufactures and markets agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals, and also offers pesticides. Headquartered in Mumbai, the company is engaged in both agro and non-agro activities. The agro-business is the company's primary source of revenue and includes the manufacture and marketing of conventional agrochemical products, seeds, and other agriculture-related products. The non-agro segment includes manufacturing and marketing industrial chemicals and other non-agricultural products such as fungicides, herbicides, insecticides, plant growth regulators, rodenticides, industrial & specialty chemicals, and nutrifeeds. UPL products are sold in 150+ countries.

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