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Corteva, Inc. updated its Crop Protection Operations Strategy Restructuring Program, announcing the intended cessation…
CTVACorteva, Inc.
Corteva, Inc. updated its Crop Protection Operations Strategy Restructuring Program, announcing the intended cessation of production activities at its site in Asturias, Spain. The company revised its estimated aggregate pre-tax restructuring and asset-related charges upward by $100 million to $115 million, now expecting total charges between $750 million and $815 million. These costs include $100 million to $125 million for severance, $350 million to $372 million for asset impairments, and $300 million to $318 million for exiting production activities. Total cash payments are anticipated to be $400 million to $443 million, with actions expected to be substantially complete by the end of 2028. The company also reached an agreement for the sale of land at its Pittsburg, California site. Corteva operates in the agricultural industry, providing seed and crop protection products.