24 October 2013,
Details
Dupont
advanced its transformation to
a higher growth,higher value company
as its Board of Directors authorized
management to execute a full separation of
its Performance Chemicals segment, which includes
* the Titanium Technologies and
* Chemicals & Fluoroproducts businesses.
Dupont intends to execute the separation through
* a tax-free spin-off
to shareholders, subject to customary closing conditions.
* upon completion of the separation in about 18 months,
* 100 % of new public entity will be owned by Dupont shareholders.
The Performance Chemical segment generated
about $ 7billion in 2012 revenues.
The Performance Chemicals spin-off is
Dupont's latest portfolio enhancement guided by
its strategic direction.
Dupont's Performance Chemicals segment will operate as
an independent, publicly traded company after the separation.
The new company will have
* world leading business in
Titanium Technologies and Chemical & Fluoroproducts,
* solid fundamentals,
* strong cash flow generation,
* and well established position in attractive markets.
Since 2010, Dupont has executed a number of acquisitions and
divestitures-including
* acquiring Danisco, a leading food and biosciences business,
* while divesting its Performance Coatings segment earlier this year.
Dupont,
Ellen Kullman,CEO
- Following a thorough strategic review process over the last year,
the spin-off of Performance Chemicals is clearly the best option
to deliver enhanced value for our shareholders.
- This separation will advance the transformation of Dupont and
result in two strong, highly competitive companies.
- Our strategy is already delivering strong results. After separation
* Performance Chemical will emerge as
a top global industrial chemicals company with
industry leading products and strong cash flow.
New Dupont,
* Dupont will have the optimum portfolio and will benefit from
more consistent earnings growth and lower volatility,
enhancing our ability
to deliver more sustained growth and
invest in future opportunities.
- With an even clearer focus on science-driven growth,
Dupont will advance its unique integrated capabilities in
biology, chemistry and material sciences to
further strengthen its industry leading positions in
* agriculture and nutrition,
* bio-based industrials and
* advanced materials.
- Specifically, the company will continue to leverage
its exceptional sciences capabilities across
secular growth markets in
* food,
* energy and
* protection,
delivering shareholder value through
revenue and earnings growth.
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