Sector News

DuPont Names Planned Performance Chemicals Spinoff

December 22, 2014
Chemical Value Chain
DuPont Co. said it plans to name the new public company created by the spinoff of its company’s performance chemicals business the Chemours Co.
 
In a regulatory filing, DuPont said the name reflects a focus on the science of chemistry and the heritage of the du Pont family origins in Nemours, France.
 
The separation of the performance chemicals unit remains on track for mid-2015.
 
DuPont also said it expects to post an additional charge of $315 million during the fourth quarter related to a streamlining initiative unveiled in June, pushing such charges to nearly $580 million for 2014.
 
Nelson Peltz ’s activist investment fund Trian Fund Management LP has pressed for DuPont to split, creating one company that focuses on agricultural and nutrition and another with industrial materials operations. However, DuPont has been resisting, instead planning to spin off the performance chemicals unit, which makes up roughly 20% of its revenue.
 
Chemours intends to apply to list on the New York Stock Exchange under ticker symbol “CC.”
 
By Tess Stynes
 

Join the discussion!

Your email address will not be published. Required fields are marked *

Related News

January 23, 2021

Bayer AG appoints Sarena Lin as Chief Transformation and Talent Officer

Chemical Value Chain

Lin will become the company’s Chief Transformation and Talent Officer. She will be responsible for Human Resources, Strategy and Business Consulting and drive the accelerated transformation of Bayer.

January 23, 2021

Johnson Matthey’s battery plant in Poland to be powered by renewable electricity 

Chemical Value Chain

Johnson Matthey plc (JM; London) has confirmed that its battery cathode materials plant in Konin, Poland, will be powered solely by electricity from renewable sources from day one of production.

January 23, 2021

Oxford given £100m for antibiotic resistance research

Chemical Value Chain

Britain’s Oxford University has received a donation of £100 million (112 million euros, $136 million) to research growing resistance to antibiotics, the university announced on Tuesday. The sum, from British chemicals multinational Ineos, is one of the largest donations given to Oxford University in its long history.

Send this to a friend