DowDuPont says its planned materials science spin-off–the future Dow Chemical–will occur by the end of the first quarter of 2019, with specialty products and agriculture to separate into two different companies by 1 June 2019.
DowDuPont had expected the spin-offs to occur within 24 months of close of the merger, which was on 1 September 2017. The accelerated timeline is “based on the progress we’ve made” getting the organizations in place and identifying possibilities for cost-cutting and synergies, according to DowDuPont CEO Edward Breen.
The company expects to identify assets and liabilities for the three spin-off entities during the first half of this year. Initial SEC filings are expected in second half of the year, with equity road-shows to follow during the first quarter of 2019. Full management teams for materials science, specialty products, and agriculture will also be identified during that time. DowDuPont will also be working to set up legal entities and corporate functions for the new companies over the next year.
Meanwhile, the company is raising its target for total cost cuts to $3.3 billion, from $3 billion. Some $800 million/year in cost cuts have been identified thus far, a larger figure than initially forecast, according to Breen. These higher savings figures are largely due to work on procurement activities, and further savings are possible, Breen says. The focus is now moving to growth synergies, and the company expects to release more specifics on those in upcoming the coming quarters, he adds.
By Vincent Valk
Source: Chemical Week
Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.
Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.
Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.