Sector News

DowDuPont approves creation of new Dow

March 11, 2019
Chemical Value Chain

DowDuPont said Friday its board approved the separation of DowDuPont’s materials science division, which will become the new Dow, an independent, publicly traded company, on April 1.

Dow will list on the New York Stock Exchange on or about March 20 under the ticker symbol “DOW WI” on a when-issued basis and then begin regular trading April 2 under the ticker symbol “DOW.”

DowDuPont shareholders will receive one share of Dow stock for every three DowDuPont shares owned on April 1, the distribution date. The company declared a pro rata dividend for the second quarter of $325 million, to be paid May 28, to shareholders of record as of April 26. DowDuPont also confirmed plans to buy back $3 billion of stock after separation.

The board also declared a pro rata dividend for the second quarter of $525 million, to be paid on June 14 to Dow stockholders of record as of the close of business on May 31.

DowDuPont was formed by the $130 billion merger of Dow Chemical and DuPont in September 2017. The Midland, Michigan-based chemical company is in the process of splitting itself up into three companies – Dow, DuPont and Corteva Agriscience. Corteva, the agriculture unit, is set to separate from DuPont on June 1.

“The new Dow is a more focused, disciplined and market-oriented company,” Jim Fitterling, chief operating officer of the Materials Science division and chief executive officer elect of Dow, said in a statement.

Shares of DowDuPont were off slightly to $54.02 in premarket trading.

By Rob Lenihan

Source: The Street

comments closed

Related News

February 4, 2023

Eastman acquires performance films company Ai-Red Technology

Chemical Value Chain

Eastman Chemical Co. (Kingsport, Tenn.) announced it has acquired Ai-Red Technology (Dalian) Co., Ltd., a manufacturer and supplier of paint protection and window film for auto and architectural markets in the Asia Pacific region.

February 4, 2023

BASF and StePac partner on chemical recycling MAP packs to fight food waste

Chemical Value Chain

BASF and Israeli packager StePac have joined forces to create the “next generation” of fresh produce packaging. BASF will provide StePac with greater flexibility to advance contact-sensitive packaging formats to a higher sustainability standard by supplying StePac with Ultramid Ccycled – a chemically recycled polyamide 6.

February 4, 2023

TotalEnergies and Intraplás partner on food-grade renewable biopolymer production

Chemical Value Chain

TotalEnergies’ biorefinery in La Mède, France, allows direct access to renewable feedstock for its drop-in RE:newable polymer range derived from bio-based products. The company claims these polymers retain virgin-like properties.

How can we help you?

We're easy to reach