Total Market Enlist E3™ Soybean Acreage Projections for 2020 Nearly Doubled; Licensees Increased by 20 Percent
WILMINGTON, Del., Jan. 30, 2020 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) today announced that the Company is accelerating the ramp-up of Enlist E3™ soybeans to U.S. and Canadian farmers over the next five years – reinforcing the Company's commitment to its Enlist technology and continued focus on bringing greater choice and value to growers. Corteva continues to see strong demand for the technology from farmers, retailers and independent seed companies; and expects planted acreage projections in 2020 to approach 20 percent of the U.S. market – double original expectations.
"The decision to accelerate production of Enlist E3 soybeans, along with the Enlist One® and Enlist Duo® herbicides, ahead of the 2021 selling season reflects our continued focus on rapidly ramping up differentiated technology solutions that we expect will enable greater choice and value for growers over time," said James C. Collins, Jr., Corteva Chief Executive Officer. "Our Enlist weed control system illustrates the power of Corteva across platforms, integrating seed and chemistry – providing much-needed solutions to farmers that address complex challenges, such as weed resistance, while strengthening Corteva's proprietary trait offering."
Enlist E3 soybeans are an industry-leading triple-stack of herbicide tolerance, jointly developed and owned by M.S. Technologies, L.L.C. They incorporate glyphosate and glufosinate and enable use of Corteva's new 2,4-D formulations in Enlist One® and Enlist Duo® herbicides with near-zero volatility and minimized potential for physical drift when label directions are followed.
Solid on-farm performance of Enlist E3 soybeans last fall has led to continued interest among growers and retailers, as well as independent seed companies seeking to license this innovative technology. More than 20 additional licensees have signed contracts to access the technology, bringing total licensee agreements to more than 120 in the United States and Canada.
During the five-year ramp-up period, Corteva is expected to significantly reduce the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform after the completion of the ramp-up of the Enlist weed control system.
The Company also announced that it recently received import authorization in China for the Conkesta™ soybean insect control trait, which will be offered as a stack with the Enlist E3 soybean herbicide trait in Latin America in the early 2020s.
To learn more about the Enlist™ weed control system, visit www.Enlist.com, follow Enlist on Twitter at @EnlistOnline or go to the product YouTube channel. For additional information about the status of regulatory authorizations for agricultural biotechnology seed products, please visit http://www.biotradestatus.com/.
About Corteva Agriscience
Corteva, Inc. (NYSE: CTVA) is a publicly traded, global pure-play agriculture company that provides farmers around the world with the most complete portfolio in the industry - including a balanced and diverse mix of seed, crop protection and digital solutions focused on maximizing productivity to enhance yield and profitability. With some of the most recognized brands in agriculture and an industry-leading product and technology pipeline well positioned to drive growth, the company is committed to working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. Corteva became an independent public company on June 1, 2019 and was previously the Agriculture Division of DowDuPont. More information can be found at www.corteva.com.
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™, ®, ℠ Trademarks and service marks of Dow AgroSciences, DuPont or Pioneer, and their affiliated companies or their respective owners.
Roundup Ready 2 Xtend® and Roundup Ready 2 Yield® are trademarks of Bayer Group.
The transgenic soybean event in Enlist E3™ soybeans is jointly developed and owned by Dow AgroSciences LLC and M.S. Technologies, L.L.C. The Enlist weed control system is owned and developed by Dow AgroSciences LLC. Enlist Duo® and Enlist One® herbicides are not registered for sale or use in all states or counties. Contact your state pesticide regulatory agency to determine if a product is registered for sale or use in your area. Enlist Duo and Enlist One are the only 2,4-D products authorized for use with Enlist crops. Consult Enlist herbicide labels for weed species controlled. Always read and follow label directions.
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This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which may be identified by their use of words like "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "targets," "estimates" or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva's strategy for growth, product development, regulatory approval, market position, anticipated benefits of recent acquisitions, timing of anticipated benefits from restructuring actions, outcome of contingencies, such as litigation and environmental matters, expenditures, and financial results, as well as expected benefits from, the separation of Corteva from DowDuPont, are forward-looking statements.
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Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in Corteva's in the "Risk Factors" section of Exhibit 99.1 of Amendment No. 4 to Corteva's Registration Statement on Form 10 and its Quarterly Report on Form 10-Q for the Quarterly Period Ended September 30, 2019, as modified by subsequent reports filed with the U.S. Securities and Exchange Commission.
SOURCE Corteva, Inc.