14 September 2022, Indianapolis: Corteva, Inc. (NYSE: CTVA) today announced that its Board of Directors authorized a new $2 billion share repurchase program. The authorization is immediately effective, does not expire, and gives management discretion in determining the conditions under which shares may be purchased.
This newly authorized program is in addition to the Company’s existing $1.5 billion program announced in August 2021, which had $650 million remaining as of June 30, 2022. 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 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 and uses of capital, including organic growth, dividends, and acquisitions.
“This action underscores our Board’s confidence in Corteva’s future and our commitment to continue to return capital to shareholders,” said Chuck Magro, Chief Executive Officer, Corteva Agriscience. “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. Our strategy continues to balance investing for growth with returning capital to shareholders.”
For updates on the Company’s strategy and roadmap for growth and value creation, join Corteva’s previously announced Investor Day, today at 9 a.m. Eastern Time. Registration is available on the Events and Presentations Page of the Corteva Investor Relations website. A replay will be available on the website following the webcast.
(For Latest Agriculture News & Updates, follow Krishak Jagat on Google News)