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CORTEVA ANNOUNCES $1.5 BILLION SHARE REPURCHASE PROGRAM
Aug. 26, 2021
Corteva Agriscience reports:
Wilmington, DE - Corteva, Inc. (NYSE: CTVA) today announced that its Board of Directors authorized a new $1.5 billion share repurchase program. This newly authorized program is in addition to $1 billion program announced in 2019, which the Company expects to complete by the end of 2021 - more than one year ahead of its initial timeline, subject to market conditions and other considerations.
Under the new $1.5 billion program, shares of the Company's common stock may be repurchased periodically in open-market or private transactions. The actual timing, number and value of shares repurchased under the Company's authorized share repurchase program will be determined by management at its discretion and will depend on a variety of factors including the market price of Corteva common stock, general market and economic conditions, applicable legal requirements and other business considerations.
Corteva Chief Executive Officer Jim Collins said, "This action underscores the Board's confidence in the Company's execution on our strategy and continued ability to generate value for shareholders by capitalizing on our distinctive competitive advantages."
Dave Anderson, Executive Vice President and Chief Financial Officer said, "Corteva's new share repurchase program, together with the Company's recent dividend increase, demonstrate Corteva's firm financial foundation, positive performance outlook and commitment to capital allocation discipline. Going forward, our strategy is to balance targeted strategic growth investments with returning cash to shareholders."
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