Dow and DuPont have completed the merger of their two global businesses into DowDuPont, which is trading on the New York Stock Exchange as DWDP.
The second phase of the merger, expected within the next 18 months, is to split the joint operations into three independent businesses centring on Agriculture, Materials Science and Specialty Products.
“We are extremely excited to complete this transformational merger and move forward to create three intended industry-leading, independent, publicly traded companies,” notes Andrew Liveris, executive chairman of DowDuPont. “While our collective heritage and strength are impressive, the true value of this merger lies in the intended creation of three industry powerhouses that will define their markets and drive growth for the benefit of all stakeholders. Our teams have been working for more than a year on integration planning, and we will hit the ground running on executing those plans with an intention to complete the separations as quickly as possible.”
“DowDuPont is a launching pad for three intended strong companies that will be better positioned to reinvest in science and innovation, solve our customers’ ever-evolving challenges, and generate long-term returns for our shareholders,” adds DowDuPont chief executive Ed Breen. “With the merger now complete, our focus is on finalizing the organizational structures that will be the foundations of these three intended strong companies and capturing the synergies to unlock value. With clear focus, market visibility and more productive R&D, each intended company will be equipped to compete successfully as an industry leader.”
Advisory committees have been established to oversee each of the three divisions ahead of their separation. Chief operating officer of the Agriculture Division is James C Collins Jr, previously head of agricultural activities at DuPont, with the headquarters at Wilmington, Delaware and global business centres in Johnston, Iowa, and Indianapolis, Indiana.
The DowDuPont says the new Agriculture company will “bring together the strengths of DuPont Pioneer, DuPont Crop Protection and Dow AgroSciences to better serve growers around the world with a superior portfolio of solutions, greater choice and competitive price for value. The combined capabilities and highly productive innovation engine will enable the intended Agriculture company to bring a broader suite of products to the market faster, so it can be an even better partner to growers, delivering innovation and helping them to increase their productivity and profitability”.