WILMINGTON, DEL. — The Agriculture Division of DowDuPont will be renamed Corteva Agriscience, one of several changes set to take place at DowDuPont as the company begins the process of separating into three independent companies.
A combination of the words meaning “heart” and “nature,” Corteva Agriscience will be headquartered in Wilmington.
|James Collins Jr., c.o.o. of the Agriculture Division at DowDuPont|
“In Corteva Agriscience, we bring together three businesses with deep connections and dedication to generations of farmers,” said James C. Collins Jr., chief operating officer of the Agriculture Division at DowDuPont. “Our new name reflects our commitment to enhancing their productivity as well as the health and well-being of the consumers they serve. Our name reflects our purpose: enriching the lives of those who produce and those who consume, ensuring progress for generations to come. With the most balanced portfolio of products in the industry, nearly a century of agronomic expertise and an unparalleled innovation engine, we are creating a new agriculture company that will work together with the entire food ecosystem to produce a secure supply of healthy food sustainably and efficiently.”
The Agriculture Division had more than $14 billion in 2017 pro forma revenue and $2.6 billion in 2017 pro forma EBITDA, DowDuPont said. Under the Corteva Agriscience banner the company intends to continue to offer many of its brands, including Pioneer, Mycogen, Brevant Seeds, Aproach Prima fungicide and Quelex herbicide with Arylex active.
The two other independent companies will be called Dow and DuPont.
Dow, which is the current Materials Science Division, will retain the Dow diamond as its brand and be based in Midland, Mich. The Materials Science Division had nearly $44 billion in 2017 pro forma revenue and $9.1 billion in 2017 pro forma operating EBITDA.
|James Fitterling, c.o.o. for the Materials Science Division of DowDuPont|
“The Dow name and the Dow diamond have an extremely strong foundation from which we will grow and serve our customers,” said James R. Fitterling, chief operating officer for the Materials Science Division of DowDuPont. “The iconic red diamond logo will serve as a point of continuity for all of our stakeholders as we build the most innovative, customer-centric, inclusive and sustainable materials science company in the world. We will continue Dow’s long history of innovation and be centered on Dow’s core values of respect for people, integrity, and protecting our planet.”
The Specialty Products company, headquartered in Wilmington, will become the new DuPont. The division had $21 billion in 2017 pro forma revenue and $5.3 billion in 2017 pro forma operating EBITDA.
|Marc Doyle, c.o.o. for the Specialty Products Division of DowDuPont|
“For more than 200 years, customers have looked to DuPont to help them turn their best ideas into real-world products,” said Marc C. Doyle, chief operating officer for the Specialty Products Division of DowDuPont. “We are creating a premier innovation-driven specialty leader, drawing on expertise and assets from both heritage Dow and DuPont, which delivers the essential advances that our customers — and the world — need to thrive. We are deeply proud to have this company carry the DuPont name into the future.”
The Materials Science Division is expected to separate by the end of the first quarter of 2019, while the Agriculture and Specialty Products businesses are expected to separate by June 1, 2019.DowDuPont was created last fall following the merger of The Dow Chemical Co. and E.I. du Pont de Nemours & Co. At the time the merger was finalized, the companies said DowDuPont would eventually be split off into three independent companies once each of the three divisions has its own processes, people, assets, systems and licenses in place to operate independently from the parent company.