DowDuPont to Complete Spin-Off of Companies
Following last month’s spin-off of a ‘new’ Dow, the spin-off of an independent DuPont materials company and the new Corteva agriculture firm will take place June 1.
On April 1, the new Dow, Midland, Mich., was separated from the DowDuPont merger created in 2017, and come June 1, the Corteva agriculture division will be spun off into a new agriculture firm, leaving an independent DuPont materials firm with businesses ranging from specialty plastics to nutrition.
DowDupont CEO Ed Breen, who will be chairman of DuPont, plans to sell off “volatile” businesses in order to stabilize returns. Included in the planned divestitures, which account for about 10% of the company current portfolio, are Sorona biofibers which are principally used in textiles and footwear, and the Susterra brand biofeedstocks used in both Sorona and other products produced at a Loudon, Tenn.plant. Also on the block is the DuPont Teijin Films joint venture, a leading polyester film manufacturer. Units for sale will be moved into a new noncore segment as the company considers its options.
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