RestructuringJun 12, 2026, 05:26 PM
Corteva Expands Restructuring, Adds $100M-$115M in Charges
AI Summary
Corteva, Inc. announced an expansion of its multi-year Crop Protection Operations Strategy Restructuring Program, which now includes the intended cessation of production activities at its Asturias, Spain site and revised estimates for its Pittsburg, California exit. The company expects to record aggregate pre-tax restructuring and asset-related charges of $750 million to $815 million, an increase of $100 million to $115 million from previous estimates. These actions are part of an initiative targeting $300 million in run-rate productivity by 2027, with restructuring expected to be substantially complete by the end of 2028.
Key Highlights
- Corteva expands its restructuring program to include the intended cessation of production activities at its Asturias, Spain site.
- The company revised previous estimates for its Pittsburg, California production exit activities.
- Corteva now expects aggregate pre-tax restructuring and asset-related charges of $750 million to $815 million.
- This represents an aggregate increase of $100 million to $115 million from prior estimates.
- Charges include $100 million to $125 million for severance and $350 million to $372 million for asset-related impairments.
- An additional $300 million to $318 million is for costs related to exiting production and ceasing operations.
- Cash payments related to these charges are anticipated to be $400 million to $443 million in aggregate.
- Restructuring actions are expected to be substantially complete by the end of 2028.
Price Impact
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