DuPont, Dow complete their merger
DowDuPont have announced the successful completion of the merger between Dow Chemical and E.I. du Pont de Nemours (DuPont), effective Aug. 31, 2017.
DowDuPont have announced the successful completion of the merger between Dow Chemical and E.I. du Pont de Nemours (DuPont), effective Aug. 31, 2017. The combined entity is operating as a holding company under the name DowDuPont with three divisions—Agriculture, Materials Science, and Specialty Products.
“Today marks a significant milestone in the storied histories of our two companies,” said Andrew Liveris, executive chairman of DowDuPont. “We are extremely excited to complete this transformational merger and move forward to create three intended industry-leading, independent, publicly-traded companies. 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—as of today—we will hit the ground running on executing those plans with an intention to complete the separations as quickly as possible.”
The board of directors of DowDuPont comprises 16 members—eight directors formerly on the DuPont board and eight directors formerly on the Dow board. There are two lead directors: Jeffrey Fettig, who previously served as the lead independent director for Dow; and Alexander Cutler, who previously served as the lead independent director for DuPont. Liveris serves as the executive chairman of the board and Ed Breen, chief executive officer of DowDuPont, also serves on the board.
Three advisory committees have been established by the DowDuPont board, chartered to generally oversee the establishment of each of the Agriculture, Materials Science (Dow), and Specialty Products divisions in preparation for the separations. Additionally, each advisory committee will develop a capital structure in accordance with the guiding principles set forth in the bylaws, and designate the future chief executive officer and leadership team of its respective intended company.