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DowDuPont Says Merger is Successfully Complete

Friday, September 8, 2017

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The merger of The Dow Chemical Company (Midland, Michigan) and DuPont (WIlmington, Delaware) was completed right on schedule, according to a press release issued by the new company, DowDupont.

The deal was finalized Aug. 31, which also saw the end of Dow and DuPont on the New York Stock Exchange. Last Friday, (Sept. 1) was the official start of DowDupont, with stocks trading under the ticket DWDP.

The Dow Chemical Company

The merger of The Dow Chemical Company (Midland, Michigan) and DuPont (WIlmington, Delaware) was completed right on schedule, according to a press release issued by the new company, DowDupont.

“Today marks a significant milestone in the storied histories of our two companies,” said Andrew Liveris, executive chairman of DowDuPont.

With shareholders compensated and board members installed, the entity now looks to fully forming its three divisions—Agriculture, Materials Science and Specialty Products—that will take shape over the next 18 months. After that point, the company plans to divide into three separate, publicly traded companies.

Shareholders & Personnel

Dow shareholders have received a fixed exchange ratio of 1.00 share of DowDuPont for each Dow share, and DuPont shareholders received a fixed exchange ratio of 1.282 shares of DowDuPont for each DuPont share.

“For shareholders, customers and employees, closing this transaction is a definitive step toward unlocking higher value and greater opportunities through a future built on sustainable growth and innovation,” said Ed Breen, chief executive officer of DowDuPont.

The new company has a 16-member board of directors—eight from Dow, eight from DuPont. They include:

    From Dow:

  • James A. Bell, Former Chief Financial Officer, Boeing;
  • Raymond J. Milchovich, Former Chairman and CEO, Foster Wheeler AG;
  • Paul Polman, CEO, Unilever PLC and Unilever N.V.;
  • Dennis H. Reilley, Non-Executive Chairman, Marathon Oil Corp.;
  • James M. Ringler, Chairman, Teradata Corporation; and
  • Ruth G. Shaw, Former Group Executive, Public Policy and President, Duke Nuclear.

    From DuPont:

  • Lamberto Andreotti, Former Chair of the Board and CEO of Bristol-Myers Squibb Company;
  • Robert A. Brown, President of Boston University;
  • Marillyn A. Hewson, Chairman, President, and Chief Executive Officer of Lockheed Martin Corporation;
  • Lois D. Juliber, Former Vice Chairman and Chief Operating Officer of Colgate-Palmolive Company;
  • Lee M. Thomas, Former Chairman and Chief Executive Officer of Rayonier Inc.; and
  • Patrick J. Ward, Chief Financial Officer of Cummins Inc.
DuPont

The deal was finalized on Aug. 31, which also saw the end of Dow and DuPont on the New York Stock Exchange. Last Friday, (Sept. 1) was the official start of DowDupont, with stocks trading under the ticket DWDP.

There also two lead directors: Jeffrey Fettig, who previously served as the lead independent director for Dow; and Alexander Cutler, who previously served as the lead independent director for DuPont.

Three Companies

Three advisory committees are overseeing the company’s split into divisions.

“DowDuPont is a launching pad for three intended strong companies that will be better positioned to reinvest in science and innovation, solve our customers’ ever-evolving challenges, and generate long-term returns for our shareholders," said Breen.

"With the merger now complete, our focus is on finalizing the organizational structures that will be the foundations of these three intended strong companies and capturing the synergies to unlock value. With clear focus, market visibility and more productive R&D, each intended company will be equipped to compete successfully as an industry leader.” 

The Agriculture Company, which will bring together the strengths of DuPont Pioneer, DuPont Crop Protection and Dow AgroSciences, will be headquartered in Wilmington, Delaware, with global business centers in Johnston, Iowa, and Indianapolis, Indiana.

The Materials Science Company will consist of Dow’s Performance Plastics, Performance Materials & Chemicals, Infrastructure Solutions and Consumer Solutions, as well as DuPont’s Performance Materials operating segment. This company will be headquartered in Midland, Michigan.

The Specialty Products Company will include DuPont’s Protection Solutions, Sustainable Solutions, Industrial Biosciences and Nutrition & Health, as well as Dow’s Consumer Care and Automotive Systems. The company will also incorporation Electronic Technologies, which is a combination of DuPont’s Electronics & Communications business with Dow’s Electronic Materials business unit.

   

Tagged categories: Business matters; Business operations; Coatings raw materials manufacturers; Dow Chemical Company; DuPont; Mergers

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