DowDupont Begins Break Up with ‘New Dow’
Originally published by: PR Newswire — April 1, 2019
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DowDuPont Inc. today announced that it has completed the separation of its Materials Science Division through the spin-off of Dow Inc. Dow begins "regular way" trading tomorrow on the NYSE under the symbol "DOW." DowDuPont common stockholders received one share of common stock of Dow for every three shares of DowDuPont common stock they held as of the close of business on March 21, 2019. DowDuPont common stockholders will also receive cash in lieu of fractional
"Today's announcement completes our first step toward creating three strong, independent growth companies set to be industry leaders focused on driving innovation and delivering long-term value for shareholders," said Ed Breen, chief executive officer of DowDuPont. "Dow begins its next chapter as a more focused, disciplined and market-oriented company, and I am excited for the tremendous opportunities ahead for its employees, shareholders, and customers."
Dow and Dupont completed a $130 billion merger in 2017 to form DowDuPont and had outlined a plan to create three separately traded companies focusing on agriculture, plastics and specialty products.
DowDuPont remains on track to complete the previously announced separation of its Agriculture Division (Corteva Agriscience™) on June 1, 2019 through the intended distribution of all of the shares of common stock of its wholly owned subsidiary, Corteva, Inc., which holds the Company's Agriculture Division, to the holders of the Company's common stock on a pro rata basis (the "Corteva Distribution"). Subsequent to the Corteva Distribution, DowDuPont would hold the Specialty Products Division and be renamed "DuPont."