Corteva Agriscience says it expects to spin off its new seed company, Vylor, on Oct. 1, a move that will clear the way for the planned transfer of its headquarters to Johnston from Corteva’s Indianapolis home.
The announcement came in Corteva’s second-quarter earnings report, released Thursday, July 30.
Corteva said last year it would separate its seed and crop protection business into two publicly traded companies. In May, it announced the new seed company would be named Vylor and that its headquarters would be in the Des Moines suburb, which already is the seed division’s research and development hub.
Corteva CEO Chuck Magro, tapped to become Vylor’s chief executive, said in a statement Thursday that the company is making “meaningful progress toward the planned separation, an important milestone that will create two focused, industry-leading companies.”
“As we begin the second half of the year, our focus remains where it should be: on our customers… and on ensuring the separation on October 1 is both timely and smooth,” Magro said.
The crop protection spinoff’s headquarters will remain in Indianapolis, the company has said, and it will retain the Corteva name.
Iowa incentive details await formal establishment of Vylor
Corteva employs about 3,000 people in Iowa, most of whom are located in Johnston, where future U.S. Vice President Henry A. Wallace, an Iowa native, founded the Pioneer Hi-Bred Corn Co. 100 years ago.
It became a dominant seed company and was purchased by DuPont in 1999. In 2015, DuPont merged with Dow and spun off three companies, one of which was Corteva Agriscience. It became a stand-alone, publicly traded seed and crop protection company in 2019.
In May, Corteva said the new seed company’s name, Vylor, “is derived from the word ‘valor,’ honoring the valor of the generations of employees and farmers whose hard work helped feed the world.”
“It’s also a nod to the mindset of the new company: vying for every opportunity,” it said.
The decision to move the headquarters to Johnston came after a vigorous lobbying campaign both by city and Iowa leaders, and could bring several hundred executives to Iowa. The state has said specifics of an incentive package for Vylor will be made public once the company becomes an independent entity and submits a formal application. The financing will be subject to approval by the Iowa Economic Development Authority board.
Corteva’s second-quarter earnings report showed that during a period when agriculture has been hard-hit by tariff losses and war-related shipping disruptions, net profits declined 11.6% to $1.16 billion as compared with a year ago. Crop protection sales fell 3.6% to $1.85 billion compared to 2025’s second quarter, and seed sales were flat at $4.53 billion, the company said.
Donnelle Eller covers agriculture, the environment and energy for the Register. Reach her at deller@registermedia.com.
This article originally appeared on Des Moines Register: Seed giant with planned Johnston HQ sets date for spinoff from Corteva
Reporting by Donnelle Eller, Des Moines Register / Des Moines Register
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By Donnelle Eller, Des Moines Register | USA TODAY Network
