en.Wedoany.com Reported - U.S. agricultural technology company Corteva, Inc. (NYSE: CTVA) filed a document with the U.S. Securities and Exchange Commission (SEC) on June 13, 2026, announcing that the total cost of its global restructuring plan for the crop protection business is expected to be revised upward to between $750 million and $815 million. Meanwhile, the company plans to shut down its pesticide production plant located in the Valle de Tamón, Asturias, Spain. Built by DuPont, the plant once produced three pesticide active ingredients, for which the European Union has gradually revoked crop use authorizations in recent years.
Corteva was founded in 2019 through the merger of the agricultural businesses of Dow Chemical and DuPont. Headquartered in Indianapolis, Indiana, USA, it is a leading global provider of seeds and crop protection solutions. In October 2025, the company's board of directors formally approved the split of its seed and crop protection businesses into two independent publicly traded companies. In May 2026, the seed and genetics business segment was officially named "Vylor, Inc.," with the spin-off expected to be completed in the fourth quarter of 2026.
According to the SEC filing, the restructuring costs have increased by $100 million to $115 million compared to previous estimates. Of the total expenses, severance and related benefit costs are expected to be between $100 million and $125 million; asset impairment losses are projected at $350 million to $372 million; and costs associated with exiting production activities—including contract terminations, equipment removal, and plant demolition—are estimated at $300 million to $318 million. Related cash outflows are expected to be between $400 million and $443 million. Most of the restructuring work is expected to be completed by the end of 2028.
The closure of the Spanish plant is still subject to negotiations with the works council and labor unions, and the final cost may vary depending on the progress of these talks. The plant currently employs approximately 73 people. In 2024, Corteva converted the plant from producing three active ingredients to a single-product facility producing only Picoxystrobin. However, market changes, loss of cost competitiveness, and an unfavorable regulatory environment have made this product unsustainable as well. Additionally, Corteva has reassessed the exit costs for its Pittsburg, California plant, where conditions for the sale of the site have been agreed upon, pending completion of due diligence.
This restructuring is part of Corteva's efforts to streamline its global manufacturing footprint and achieve structural cost reductions. The company previously set a target at its November 2024 Investor Day to achieve an annual run-rate productivity improvement of $300 million by 2027. The increase in restructuring costs and the closure of the Spanish plant represent specific measures Corteva is taking to advance its strategic transformation amid changes in the global agricultural market landscape and increasing regulatory pressures.
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