DowDuPont Realigns Portfolio
The new merger makes adjustments within two of its three intended independent companies.
New chemicals giant DowDuPont has realigned some of its businesses within two of the three intended independent companies: Materials Science; Specialty Products; and, Agriculture. The revised portfolio involves the addition of several businesses to the Specialty Products Div., a change made to address some investors’ concerns that the Materials Science Div. would have too broad a product range, dividing its focus.
The following businesses were moved to Specialty Products: DuPont’s Performance Polymers; Dow’s Automotive Systems’ adhesives and fluids platforms; Dow’s Building Solutions; Dow’s Water and Process Solutions; Dow’s Pharma and Food Solutions; Dow’s Microbial Control; Several silicone-based business aligned with applications in industrial LED, semiconductors, medical, as well as Molykote brand lubricants for automotive and industrial equipment and Multibase Inc, solutions provider for the thermoplastic compounding industry. Here is how the three companies look:
● Materials Science: The intended company will maintain the Dow brand and will be headquartered in Midland, Mich. The vast majority of its sales is now aligned with three narrower and deeper, high-growth market verticals: Packaging & Specialty Plastics; Performance Materials & Coatings; and, Industrial Intermediates & Infrastructure. The company’s technology platforms include polyethylene, polyolefin elastomers, polyurethanes, silicones, acrylics, cellulosics, ethylene oxide derivatives and propylene oxide derivatives.
● Specialty Products: The intended company, which will be headquartered in Wilmington, Del., will apply its market knowledge and deep expertise in science and application development to solve customer needs in distinct markets including: Electronics & Imaging; Transportation & Advanced Polymers; Safety & Construction; and, Nutrition & Biosciences.
● Agriculture: The intended company, to be headquartered in Wilmington, Del., with global business centers in Johnston, Iowa and Indianapolis, Ind., brings together the strengths of DuPont Pioneer, DuPont Crop Protection and Dow AgroSciences to better serve growers around the world.
Referring to the portfolio adjustments, Andrew Liveris, executive chairman of DowDuPont noted, “They bear out the clear results of a significant comprehensive analysis the Dow and DuPont boards undertook over the past many months, which benefited from a fresh look provided by independent, third-party external advisors, in particular McKinsey & Company. We build on the wealth of knowledge gained as both companies advanced our integration work together. These adjustments are also fully supported by the Materials Science Advisory Committee, as they better align select businesses with the market verticals they serve, while maintaining integration and innovation strengths within strategic value chains.”
Added Ed Breen, CEO of DowDuPont, “The facts clearly supported the strategic logic of this portfolio configuration. Each of the intended companies will have even stronger competitive positioning, high value-added customer solutions, and a distinct and compelling investment thesis, while maximizing opportunities for strategic growth and synergies. With clear focus, each will serve attractive and growing markets, investing in innovation and delivering greater returns for shareholders.”
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