DuPont de Nemours, Inc. announced its debut as a stand-alone company following the successful separation of its Agriculture Division through the spin-off of Corteva, Inc.
The transaction ends the brief existence of DowDuPont, which was spun off in a three-way transaction that created Corteva from the combined Dow and DuPont agribusiness operation. Dow was spun off earlier this year.
DuPont common stock begins regular way trading today on the New York Stock Exchange under the ticker symbol “DD.”
The spinoff makes Delaware the headquarters for two Fortune 500 companies.
“The new DuPont launches today with leading market positions in four core markets and strong geographic, customer and end-market diversification,” said Ed Breen, executive chairman of DuPont. “The company expects to drive above GDP growth through disciplined innovation, a relentless focus on ROIC, and a best-in-class cost structure. With these priorities, combined with active portfolio management and a commitment to capital returns, DuPont will remain intently focused on delivering value for our shareholders.”
Marc Doyle, CEO of DuPont, added, “DuPont is uniquely positioned to leverage its balanced portfolio, deep customer relationships, R&D expertise, and competitive operating model to win in the marketplace and drive value for all its stakeholders. The company is differentiated by its materials, ingredients and solutions expertise aligned with attractive, high-growth market trends – particularly health and wellness, advanced mobility, connectivity and sustainability – where our customer-driven innovation and value-added solutions play a transformational role.”
DuPont officials have indicated that 10 percent of its businesses could be sold after the spinoff.
DuPont has a presence in over 70 countries, with headquarters nearWilmington and operates approximately 170 manufacturing sites, over 10 global R&D centers and 10 global innovation centers.
Immediately following the distribution of Corteva common stock on June 1,DuPont completed a 1-for-3 reverse stock split. As a result DuPont common stockholders now hold one share of common stock of DuPont for every three shares of DowDuPont common stock held prior to the reverse stock split.