UPDATE 1-Corteva flags higher restructuring charges, plans Spain site exit

Corteva Inc

Corteva Inc

CTVA

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- Corteva CTVA.N said on Friday it expects higher costs from its multi-year crop protection restructuring program and plans to cease production at its Asturias, Spain site.

The agriculture chemicals company said it now anticipates total pre-tax restructuring and asset-related charges of $750 million to $815 million, an increase of $100 million to $115 million from prior estimates.

The charges form part of a broader effort to streamline Corteva's global manufacturing footprint and cut structural costs.

The company said it expects cash outflows of $400 million to $443 million related to the restructuring primarily for demolition, contract exits and employee-related costs.

The company added that it expects most actions to be completed by the end of 2028.