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DowDuPont Board of Directors Approves Separation of Materials Science Division, Creating the New Dow
DowDuPont announced that its board of directors has approved the previously announced separation of DowDuPont’s Materials Science Division, which will become the new Dow on April 1.
In connection with the separation, the DowDuPont board of directors declared a pro rata dividend of all of the outstanding shares of common stock of Dow Inc. (formerly known as Dow Holdings, Inc.), the parent company of DowDuPont’s Material Science Division (“Dow”). The dividend is expected to be payable on April 1, 2019, the distribution date, to DowDuPont stockholders of record as of the close of business on March 21, 2019 the record date.
On the distribution date, each DowDuPont stockholder will receive one (1) share of Dow common stock for every three (3) shares of DowDuPont common stock they held on the record date. Registered DowDuPont stockholders will receive cash in lieu of any fractional shares of Dow common stock.
“Today’s announcement marks a major milestone toward successfully separating Dow on April 1, to be followed by the expected separation of Corteva Agriscience™ from the new DuPont on June 1,” said Ed Breen, chief executive officer of DowDuPont. “ We believe that each of the intended three independent companies is set to be an industry leader with the right management and capital structure to better serve customers, compete in their end markets and focus on their innovation priorities.”
After the separation, Dow will be an independent, publicly traded company, pursuing its ambition to become the most innovative, customer-centric, inclusive and sustainable materials science company in the world.