CTVA News & Events

FMC (FMC) and Corteva (CTVA) announced a co-exclusive strategic supply and license agreement that will expand access to FMC's rimisoxafen technology across North and South America corn and soybean markets. This collaboration will enable more growers across the Americas to control herbicide-resistant weeds, including Amaranthus species with this dual mode of action herbicide technology. Under the terms of the agreement, which extends through the next decade, FMC retains all rights of ownership to rimisoxafen and will supply Corteva with the active ingredient. Both companies will develop and commercialize their own exclusive premix formulations for the corn and soybean markets across North and South America, while FMC will continue to develop additional rimisoxafen-based products for other crops and geographies globally. Corteva will make an initial prepurchase payment of $200 million USD for product to be supplied by FMC. Together, both companies are committed to ensuring broad availability of this innovative technology and rapid adoption, supporting growers with durable weed management solutions for years to come. Additional terms of the agreement were not disclosed.

In a regulatory filing, the company said, "Corteva has been executing a multi-year footprint optimization and productivity initiative designed to enhance efficiency and reduce structural costs across its global operations. The company previously communicated its expectation for annualized cost savings associated with this initiative which, coupled with other productivity actions, were included in the target of $300 million total run-rate productivity by 2027 communicated at the company's November 2024 investor day. On June 12, 2026, the company disclosed that its management recently committed to the next phase of the plan to further optimize its Crop Protection network of manufacturing and external partners to include the intended cessation of the company's production activities at its site in Asturias, Spain. The intended cessation is subject to a consultation process with the applicable works council and union representatives at the facility. Also, management has revised its previous estimates associated with the company's exit of its Pittsburg, California production activities. The company now expects to record aggregate pre-tax restructuring and asset related charges of $750 million to $815 million, which represents an aggregate increase of $100 million to $115 million, with the aggregate amounts comprised of $100 million to $125 million of severance and related benefit costs, $350 million to $372 million of asset-related and impairment charges and $300 million to $318 million of costs related to exiting the company's production activities and ceasing operations (inclusive of contract terminations and decommissioning and demolition costs). Decommissioning and demolition costs will be expensed on an as-incurred basis. Reductions in workforce are subject to local regulatory requirements. Cash payments related to these charges are anticipated to be $400 million to $443 million in aggregate, which primarily relate to decommissioning and demolition, contract terminations, and the payment of severance and related benefits. The restructuring actions associated with these charges are expected to be substantially complete by the end of 2028. Future actions by the company or changes in circumstances from current assumptions, including negotiations with local works council, may cause actual results and future cash payments to differ. In addition, conditions for the sale of land at the company's Pittsburg, California site have been agreed, subject to completion of due diligence."