Midland, Michigan – After nearly two years, DowDuPont completed the merger of Dow Chemical Co. and DuPont Co. Aug. 31, creating what it calls three new industry-leading entities in agriculture, materials science and speciality products.
In a 1 Sept statement by DowDuPont, the new company said three board-appointed advisory committees will oversee the establishment of each of the companies, with separation expected in 18 months.
The development will mark the birth of a material science spin-off, to be named Dow, which will consist of the businesses comprising the following current Dow operating segments: performance plastics; performance materials and chemicals; and infrastructure solutions and consumer solutions, which will include Dow automotive systems. DuPont's current performance materials operating segment also will be added to the unit.
The company, to be based in Dow Chemical's hometown of Midland, will offer chemistry and polymers toolkits in the industry.
"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," said Andrew Liveris executive chairman of DowDuPont, adding that the company would "hit the ground running" to complete the separations as quickly as possible.
The specialty products company will consist of market-leading businesses including DuPont protection solutions, sustainable solutions, industrial biosciences and nutrition and health, as well as electronic technologies. The company will be headquartered in Wilmington, Del., the home base of DuPont.
"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, CEO of DowDuPont.
The board of directors of DowDuPont comprises 16 members—eight directors formerly on the DuPont board and eight directors formerly from the Dow board. There are 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.