Wilmington, Delaware, USA
June 26, 2019
Corteva, Inc. (NYSE: CTVA) today announced the authorization of a $1 billion share repurchase program and first common stock dividend after its spinoff from DowDuPont – collectively reinforcing the Company’s ongoing commitment to return value to shareholders.
The Company’s Board of Directors authorized a $1 billion share repurchase program. The program is expected to be completed in three years. Under this 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.
Greg Friedman, Executive Vice President and Chief Financial Officer of Corteva Agriscience said, “We have established a capital structure and disciplined financial policy that together prioritize value creation and focus on returning this value to shareholders.” Friedman continued, “The authorization of this share repurchase program, which we intend to execute over three years, is a solid proof point of this disciplined approach.”
The Company’s Board of Directors also authorized a common stock dividend of 13 cents per share, payable September 13, 2019, to the Company’s shareholders of record on July 31, 2019. This marks the first cash dividend to be issued by the Company since its spinoff from DowDuPont on June 1, 2019.
James C. Collins, Jr., Chief Executive Officer of Corteva Agriscience said, “Collectively, these actions underscore the Board’s confidence in our growth strategy and further reinforce our commitment to building a shareholder-friendly company.” Collins continued, “The initiation of a quarterly common stock dividend signifies an important next step in this commitment and our focus on consistently and continuously returning excess cash to shareholders.”
Additional Information on Corteva, Inc. Common Stock Dividend Policy
The Company expects to pay common stock dividends on a quarterly basis and in the medium term targets a dividend policy of 25 to 35 percent of annual net income.
E. I. du Pont de Nemours and Company Announces Preferred Stock Dividend
The Board of Directors of E. I. du Pont de Nemours and Company declared regular preferred stock dividends of $1.12-1/2 per share on the $4.50 series preferred stock and $0.87-1/2 per share on the $3.50 series preferred stock – both payable October 25, 2019 to E. I. du Pont de Nemours and Company (EID) stockholders of record October 10, 2019. EID is a wholly-owned subsidiary of Corteva, Inc.
About Corteva Agriscience™
Corteva Agriscience provides farmers around the world with the most complete input portfolio in the industry to enable them to maximize yield and profitability — including some of the most recognized brands in agriculture: Pioneer®, Granular®, Brevant™ seeds, as well as award-winning Crop Protection products — while bringing new products to market through its robust pipeline of active chemistry and technologies. 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 Agriscience 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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