Dow Chemical Company and DuPont have completed the merger of equals, naming the combined entity as DowDuPont which will be operating with three divisions such as agriculture, materials science and specialty products
The merger of equals has been effective from 31 August 2017.
DowDuPont has started trading on the New York Stock Exchange after the cease of shares of DuPont and Dow on 31 August 2017.
Commenting on the merger, Andrew Liveris, executive chairman of DowDuPont, said, “We are extremely excited to complete this transformational merger and move forward to create three intended industry-leading, independent, publicly traded companies. While our collective heritage and strength are impressive, the true value of this merger lies in the intended creation of three industry powerhouses that will define their markets and drive growth for the benefit of all stakeholders.”
“Our teams have been working for more than a year on integration planning, and as of today, we will hit the ground running on executing those plans with an intention to complete the separations as quickly as possible,” Liveris added.
“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,” Ed Breen, CEO of DowDuPont.
“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,” Breen added.
He further said that DowDuPont aims to reinvest in science and innovation to solve the challenges faced by the customers and generate long-term returns for the shareholders.
Dow and DuPont leaders and integration teams are developing the future state operating models and organisational designs that will support the refined strategy of each intended company. Once each division has its own processes, people, assets, systems and licenses in place to operate independently from the parent company, DowDuPont intends to separate the divisions to stand within their own legal entities. The intended separations are expected to occur within 18 months, according to a statement released by the company.
The intended companies are expected to include an agricultural, material science and speciality product companies.
