DuPont: Becomes independent company
DuPont de Nemours, Inc. has announced its debut as an independent company following the successful separation of its Agriculture Division through the spin-off of Corteva, Inc. The company was formerly known as DowDuPont Inc.
DuPont common stock began regular way trading on 3 June 2019 on the New York Stock Exchange (NYSE) under the ticker symbol DD. “The new DuPont launches today with leading market positions in four core markets and strong geographic, customer and end-market diversification,” said Ed Breen, Executive Chairman of DuPont. “The company expects to drive above GDP growth through disciplined innovation, a relentless focus on ROIC, and a best-in-class cost structure. With these priorities, combined with active portfolio management and a commitment to capital returns, DuPont will remain intently focused on delivering value for our shareholders.”
Marc Doyle, Chief Executive Officer of DuPont, added, “DuPont is uniquely positioned to leverage its balanced portfolio, deep customer relationships, R&D expertise, and competitive operating model to win in the marketplace and drive value for all its stakeholders. The company is differentiated by its materials, ingredients and solutions expertise aligned with attractive, high-growth market trends – particularly health and wellness, advanced mobility, connectivity and sustainability – where our customer-driven innovation and value-added solutions play a transformational role.”
DuPont has a presence in over 70 countries, with headquarters in Wilmington, DE, USA, and operates approximately 170 manufacturing sites, over ten global R&D centres and ten global innovation centres.
Immediately following the distribution of Corteva common stock on 1 June 2019, DuPont completed a 1-for-3 reverse stock split and as a result DuPont common stockholders now hold one share of common stock of DuPont for every three shares of DowDuPont common stock held prior to the reverse stock split.
On 1 April 2019, the company completed the separation of its materials science business into a separate and independent public company by way of a pro rata dividend-in-kind of all the then outstanding stock of Dow Inc.