DuPont officially spun off Chemours on Monday with the CEO of the company ringing the symbolic bell on the New York Stock Exchange.
The company is being spun off from DuPont.
The headquarters for now, is in Wilmington at the former DuPont Co. headquarters. DuPont is moving to the Chestnut Run Plaza site, just outside the city of Wilmington.
As of Wednesday, DuPont common stockholders will receive one share of common stock of Chemours for every five shares of DuPont common stock they hold on the record date. Fractional shares of Chemours common stock will not be distributed to DuPont common stockholders.
Instead, the fractional shares of Chemours common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to the DuPont common stockholders who otherwise would have received fractional shares of Chemours common stock.
A decision on a permanent headquarters has not been made.
The state and City of Wilmington have made offers.
Outgoing Delaware Economic Development Office Director Alan Levin said in an earlier interview that he was cautiously optimistic.
However, word around DuPont is that the company will relocate outside Delaware, due in part to the need to build new corporate culture that is not too closely associated with its former corporate parent.
By spinning off Chemours, DuPont will be able to more closely focus on fast-growing businesses and shed many of its environmental liabilities. The company has been under pressure from shareholder activists, such as Nelson Peltz, to simplify and sell off holdings.
Peltz narrowly lost a bid for a DuPont board seat after a fierce battle that included DuPont naming two former industrial CEOs with turnaround experience to its board.
The Performance Chemical business, which includes a plant in Edgemoor, is also cyclical in nature with competition becoming more intense in recent decades in a global economy.
