Corteva Agriscience plans to exit 35 countries; layoff 5% of its workforce
16 September 2022, US: As part of its cost-cutting initiatives, the seeds and pesticides giant Corteva Inc. announced on Tuesday that it would leave around 35 countries and lay off nearly 5% of its global employees.
American corporates have been forced to reduce projected spending and implement policies to protect their margins from growing raw material costs as a result of this year’s inflation spike to four-decade highs.
At Corteva’s annual investor meeting, Chief Finance Officer, Dave Anderson stated, “We don’t think that inflation is abating. Cost pressure will lessen from levels observed this year until 2023, but it will still be significant.”
The United States, Canada, Brazil, India, and Western Europe are among the 20 main nations on which Corteva aims to concentrate its attention out of around 110 markets. Less than 5% of the company’s annual revenue comes from the non-core regions, according to Anderson.
According to a statement released by Corteva on Tuesday, the company anticipates net sales of $19.5 billion to $20.5 billion by 2025. It also stated that it intends to devote around 8% of those funds on R&D.
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