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
 

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