Effort to Block Vylor-Corteva Separation Fails as Johnston HQ Opens
Donnelle Eller from The Des Moines Register reports on a significant development in the world of agriculture and corporate restructuring.
A federal court's recent decision has allowed for the completion of Corteva Agriscience's spin-off of its seed business into a new company, Vylor Inc. This follows a failed last-minute attempt by California and other states to block the separation using legal means.
California and several states alleged that the split was a strategic move to avoid liability related to "forever chemicals" known as PFAS. These chemicals, once used in various consumer products, have been linked to numerous health issues.
Despite the efforts, Vylor Inc. established its headquarters in Johnston on October 1st, continuing with its planned operations. The crop protection company retaining the Corteva name remains headquartered in Indianapolis.
The legal battle stems from the legacy of DuPont, a chemical giant that once owned Johnston-based Pioneer Hi-Bred International. After DuPont merged with Dow Chemical and subsequently spun off Corteva Agriscience, concerns about potential PFAS liabilities arose.
Debi Durham, Iowa's economic development chief, has been vocal in her efforts to bring the headquarters back to Iowa, highlighting the state's significant role in the company's history.