Corteva Agriscience will leave from 35 countries
The American Corteva Agriscience intends to stop sales of crop protection products in 35 countries and lay off 5% of its employees as part of a cost-cutting plan. The reason for such an extraordinary decision was a surge in inflation this year.
“We think that in 2023 the pressure of inflation will decrease compared to 2022 levels but it will still be significant,” said Dave Anderson, Chief Financial Officer of Corteva Agriscience.
Corteva Agriscience will continue operating in 20 countries, including the US, Canada, Brazil, India, and the European Union. According to Dave Anderson, “secondary” regions account for less than 5% of Corteva Agriscience’s annual revenue.
By 2025, Corteva Agriscience plans to cut costs by more than $200 million. At the same time, its sales in 2025 could reach $19.5-20.5 billion, 8% of which will be invested in research and development.