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Local

Farewell, DowDuPont

Corteva Agriscience now owns facility that produces Pioneer seed corn

Brian Oester (left), location manager, and Jay Schultz (right), operations manager of the Princeton Seed Production Facility at 2700 Pioneer Drive in Princeton, stand next to the new Corteva Agriscience sign at the facility's entrance. Corteva Agriscience is the name of a new company that came about through a separation from DowDuPont that was completed June 1.
Brian Oester (left), location manager, and Jay Schultz (right), operations manager of the Princeton Seed Production Facility at 2700 Pioneer Drive in Princeton, stand next to the new Corteva Agriscience sign at the facility's entrance. Corteva Agriscience is the name of a new company that came about through a separation from DowDuPont that was completed June 1.

PRINCETON — There’s a new sign at the Prince­ton Seed Production Facility at 2700 Pioneer Drive — Corteva Agriscience.

Formerly the Agriculture Division of DowDuPont, Corteva Agriscience has successfully competed its separation from DowDuPont, as of June 1, and is now an independent public company that owns the production facility best known around here for its Pioneer brand seed corn.

“We’re still selling the Pioneer brand, also some other multi-channel brands, they’re called,” Brian Oester, location manager, said in a brief interview Wednesday.

“Pioneer’s still the flagship brand,” Oester said.

The current production facility, visible to thousands of travelers daily just to the north of Interstate 80 and west of exit 56, was built in 1993 and has 51 full-time employees.

Oester said Pioneer’s presence in Princeton dates back to 1937. The facility was formerly located along North Main Street, and the remaining buildings there most recently housed Sherwood Antique Mall.

“We grow seed corn, we then harvest it, bring it in and process it, get it in a bag or a box and treat it for farmers. We deliver seed out of here for about 56 countries,” Oester said.

A news release from Corteva Agriscience described how the new company is considered a “leading, independent, global pure-play agriculture company” that is a global leader in seed and crop protection, “underpinned by expanding digital capabilities.” The company trades under the “CTVA” ticker symbol on the New York Stock Exchange.

Corteva Agriscience is headquartered in Wilmington, Del., with Global Business Centers in Johnston, Iowa, and Indianapolis, Ind., and five regional offices in Calgary, Canada; Johannesburg, South Africa; Geneva, Switzerland; Singapore; and Alphaville, Brazil.

The news release states the company “offers the complete solutions farmers need to maximize yield and profitability.”

The distribution of Corteva common stock was completed on June 1, with each DowDuPont stockholder of record receiving one share of Corteva common stock for every three shares of DowDuPont common stock held as of the close of business on May 24.

DowDuPont stockholders will also receive cash in lieu of any fractional Corteva shares.

Jim Collins is the chief executive officer of Corteva Agriscience.

“As a global leader in the combined $100 billion seed and crop protection market, Corteva Agriscience has the most robust pipeline in the industry, a world-class innovation engine, and advantaged routes to market that provide us with unparalleled customer relationships — all of which will fuel our growth as an independent company and drive value for stockholders,” Collins said in a news release.

“Our more than 21,000 dedicated employees are committed to fulfilling our purpose to enrich the lives of those who produce and those who consume, ensuring progress for generations to come.”

With a presence in more than 140 countries, Corteva Agriscience generated $14 billion in net sales in 2018. The company has more than 150 research and development facilities and more than 65 active ingredients.

The new company’s name, Corteva Agriscience (kohr-’teh-vah), is derived from words meaning “heart” and “nature.” The branding acknowledges the company’s history while looking forward to its commitment to enhancing farmer productivity as well as the health and well-being of the consumers they serve, the news release stated.

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