DowDuPont announced the filing of the initial Form 10 registration statement with the U.S. Securities and Exchange Commission for the separation of its Materials Science Division.
The business will be known as Dow with its headquarters in the old Dow’s hometown of Midland, MI.
Dow’s initial Form 10 filing includes a business and strategy overview, competitive strengths and end-market information, as well as historical and unaudited pro forma financial information, among other details for the intended company.
“The Form 10 is a significant step towards the creation of the new Dow – the world’s leading materials science company,” said Jim Fitterling, chief operating officer of the Materials Science Division of DowDuPont and CEO of Dow. “The new Dow will be a more focused and agile solutions provider, well-positioned to quickly and effectively innovate and grow with customers in our targeted market verticals to deliver greater shareholder value.”
As detailed in the filing, the new Dow will have a portfolio comprised of six global business units, serving three consumer-driven market verticals: consumer care, infrastructure and packaging.
“This initial filing underscores the position of financial and operational strength the new Dow will possess upon separation,” said Howard Ungerleider, chief financial officer of DowDuPont and president and chief financial officer of Dow. “It also emphasizes our focus on driving profitable growth, increasing return on invested capital and enhancing free cash flow.”
Consistent with the Form 10 process, the filing will be iterative, with additional information regarding capital structure, dividend policy, governance, initiation of Dow common stock upon separation from DowDuPont and other matters filed in subsequent versions of the document. Dow anticipates the SEC will declare the Form 10 effective in the first quarter of 2019, aligned to the company’s timeline to separate from DowDuPont by April 1, 2019.
As previously communicated, Corteva Agriscience intends to file its Form 10 in October. Corteva will be based in the Wilmington area.
The same is true for the third and final DowDuPont spin-off, which will keep the DuPont name. No announcement was made on the DuPont spinoff. DuPont may shed some business prior to its spinoff. Like Dow, it consists of a wide range of product lines, including some that came over from Dow. Some investors are pushing for more spinoffs.
The Form 10 can be found on the investor section of the DowDuPont website at http://www.dow-dupont.com/investors/default.aspx.
