Global ag giant Corteva will separate into two independent, publicly traded companies after the decision to split up was made unanimously by the board of directors.
The two new companies will be New Corteva, comprising the company’s crop protection business, and SpinCo, representing Corteva’s seed business.
Corteva said the move will “unleash two distinct market leaders” that are farmer-centric and with technology and innovation at their core, “with operating models and capital allocation priorities tailored to support their respective growth outlooks, strategic directions and value propositions.”
Upon separation, current Corteva Chairman Greg Page will become chairman of New Corteva, and current Corteva CEO Chuck Magro will become CEO of SpinCo.
The transaction is expected to be completed in the second half of 2026. The split must still win final approval by Corteva’s board, legal counsel and the U.S. Securities and Exchange Commission. Legal liabilities, including historical DuPont pension plans and PFAS obligations, will be retained by New Corteva.
Corteva officials said New Corteva aims to be a market leader “differentiated by its innovative solutions,” in crop protection, including biologicals, and they envision SpinCo being a leader in advanced seed genetics, pushed forward by the advances in AI tools coming online.
Magro said Corteva over the last 6 years has simplified the company’s portfolio, reduced costs, invested in “high-return” endeavors and ensured its product pipeline would serve farmers and provide returns to the company.
The split, he says, is about positioning both businesses to win in their respective markets. “This gives both businesses freedom to operate without having to look out for the other,” Magro said. “We have a history of moving before the market, and we believe we are doing that again.”
SpinCo, as home to the Pioneer brand, it will launch from a position of strength, the company said, due to Pioneer’s track record of advanced breeding, market leadership and financial strength.
SpinCo will also leverage the strength of its regional anchor brands such as Dairyland Seed, its partnership with retailers through brands like Brevant, and a growing presence in the out-licensing market.
It may be too early to tell for sure how the split will affect products and management for growers, although Corteva insists the new companies will be releasing farmer-centric that are effective and provide farmers choices that they’ve asked for.
In terms of how products will be sold and distributed with the two new companies, Magro said the crop protection and seed channels are fundamentally different, as crop protection is mostly sold through retail distribution and seed relies more on direct and regional suppliers.
During an investor call Tuesday where the company split was discussed, Magro said being an integrated agricultural company has tradeoffs and the crop protection market has shifted to a point where differentiated products are valued but integration may hurt value more than it helps.
Magro sees a pure-play crop protection company providing the flexibility to optimize the company’s manufacturing and supply costs and develop deeper collaborations in the industry.
With plant genetics, “we know more about it today than in any time in history,” Magro said. AI tools, paired with advanced genetics and breeding techniques, will help accelerate new innovations, and Magro sees a point where SpinCo could expand beyond its corn and soybean core into wheat, cotton rice or other products where genetics play transformational role.
The next generation for soybeans at Corteva is HT4 — a fourth-generation herbicide-tolerant soybean that has resistance to five unique herbicides — which will launch in the early 2030s, Magro said. The product includes technology from Corteva and other companies.
“Looking ahead 10-15 years to the next generation, tomorrow’s systems will be open with multi-source licensing agreements with multiple modes of action,” Magro said. “Farmers will need these systems due to crop resistance, and insects, weeds and disease proliferating due to changing weather patterns.”
