WILMINGTON, Del., August 5, 2021 – Corteva, Inc. (NYSE: CTVA) today announced that its Board of Directors authorized a new $1.5 billion share repurchase program. This newly authorized program is in addition to $1 billion program announced in 2019, which the Company expects to complete by the end of 2021 – more than one year ahead of its initial timeline, subject to market conditions and other considerations.
Under the new $1.5 billion 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.
Corteva Chief Executive Officer Jim Collins said, “This action underscores the Board’s confidence in the Company’s execution on our strategy and continued ability to generate value for shareholders by capitalizing on our distinctive competitive advantages.”
Dave Anderson, Executive Vice President and Chief Financial Officer said, “Corteva’s new share repurchase program, together with the Company’s recent dividend increase, demonstrate Corteva’s firm financial foundation, positive performance outlook and commitment to capital allocation discipline. Going forward, our strategy is to balance targeted strategic growth investments with returning cash to shareholders.”
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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 fulfils 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.
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, cash flow, 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 Annual Report on Form 10-K for the Period Ended December 31, 2020 filed with the U.S. Securities and Exchange Commission.
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