8 March 2019
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DowDuPont (NYSE: DWDP) today announced that
its board of directors has approved
the previously announced
separation of DowDuPont’s Materials Science Division,
which will become the new Dow on April 1.
In connection with the separation,
the DowDuPont board of directors
declared a pro rata dividend
of all of the outstanding shares
of common stock of Dow Inc.
(formerly known as Dow Holdings, Inc.),
the parent company of
DowDuPont’s Material Science Division (“Dow”).
The dividend is expected to be payable
on April 1, 2019, the distribution date,
to DowDuPont stockholders
of record as of the close of business
on March 21, 2019 the record date.
On the distribution date, each DowDuPont stockholder
will receive one (1) share of Dow common stock
for every three (3) shares of DowDuPont common stock
they held on the record date.
Registered DowDuPont stockholders will receive cash
in lieu of any fractional shares of Dow common stock.
After the separation, Dow will be an independent,
publicly traded company, pursuing its ambition
to become the most innovative, customer-centric,
inclusive and sustainable materials science company
in the world.
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Ed Breen,
chief executive officer of DowDuPont
“Today’s announcement marks a major milestone
toward successfully separating Dow on April 1,
to be followed by
the expected separation of Corteva Agriscience™
from the new DuPont on June 1,”
“We believe that each of the intended three independent companies
is set to be an industry leader
with the right management and capital structure
to better serve customers,
compete in their end markets
and focus on their innovation priorities.”
***************************************************
Jim Fitterling,
chief operating officer of the Materials Science division
and chief executive officer elect of Dow
“The new Dow is a more focused, disciplined
and market-oriented company,”
“We are fully prepared for our separation
from DowDuPont on April 1,
and ready to innovate and grow
with our customers
while delivering long-term value for our shareholders.”
DowDuPont
Investors:
Lori Koch
lori.d.koch@dupont.com
+1 302-999-5631
Media:
Dan Turner
daniel.a.turner@dupont.com
+1 302-996-8372
Dow
Investors:
Neal Sheorey
nrsheorey@dow.com
+1 989-636-6347
Media:
Rachelle Schikorra
ryschikorra@dow.com
+1 989-638-4090
Source: DowDuPont
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