Corteva, an agriculture company based in Delaware, has announced its board of directors has approved a $145 million capital investment in its Midland manufacturing facility to expand global capacity for its insect management technology for the natural products market.
The expansion project is in response to consistently high demand for Corteva’s Spinosyns products, including Spinetoram and Spinosad. Slated to roll out online availability over the next few years, the new production will enable Corteva to increase its existing Spinosyns capacity by 30 percent.
The solution is sold to customers in more than 100 countries for use on more than 100 different crops. The investment is expected to generate more than $100 million of annual earnings before interest, tax, depreciation, and amortization for Corteva once fully online.
“Today’s announcement underscores our commitment to taking targeted actions that are good for our customers and help to drive sustainable results for business,” says Susanne Wasson, president of crop protection business at Corteva. “This investment enables Corteva to better serve our customers around the world by expanding access to much-needed insect management solutions.”
The Spinosyns line is created through a fermentation process, creating naturally derived solutions for insect control.
Both Spinosad and Spinetoram have been awarded the U.S. Environmental Protection Agency Chemistry Challenge Award, which recognizes chemistry solutions that incorporate the principals of green chemistry into chemical design, manufacture, and use.
Corteva became an independent public company on June 1 and was previously the agriculture division of DowDuPont in Midland.