Page 151 - CW E-Magazine (4-6-2024)

News from Abroad

SEPARATION PLANS
DuPont to split into three independent companies

American conglomerate, DuPont,
has announced plans to split into three
publicly traded companies. The company
plans to spin off its electronics and
water businesses into yet-to-be-named
independent companies in a transaction
that is tax-free to shareholders, while
the new DuPont will continue as a
diversified industrial company.

DuPont said it expects to complete
the breakup transactions within the
next 18 to 24 months, and it is subject
to final approval by DuPont’s board of
directors.

“As independent entities, both elec- Back in 2015, DuPont and Dow had ductor technologies and interconnect
tronics and water will benefit from agreed to merge for $130-bn, in which solutions (net sales of approximately
increased focus and agility in their res- the two companies then split into three. $4-bn in 2023), while the water com-
pective industries. At separation, each The merged entity, DowDuPont, spun pany will comprise of DuPont’s water
of the three companies will have strong off its chemical businesses as Dow and solutions business (net sales of about
balance sheets, attractive financial pro- its agribusiness division into Corteva, $1.5-bn in 2023).
files and compelling growth opportuni- with DuPont remaining on as the com-
ties,” DuPont said in a press note. pany it is today. DuPont also named CFO Ms. Lori
Koch as CEO from June 1 as the cur-
“The three-way separation will The new DuPont will house the rent CEO Mr. Breen becomes executive
unlock incremental value for share- existing businesses within its water and chairman to join the board.
holders and customers and also create protection segment, industrial solutions
new opportunities for employees. Criti- and end-markets in healthcare like DuPont said the liabilities tied to
cally, each company will have greater medical packaging. These businesses per- and polyfluoroalkyl substances, or
flexibility to pursue their own focused generated net sales of nearly $6.6-bn PFAS (dubbed forever chemicals) and
growth strategies, including portfolio in 2023. other indemnity obligations to Corteva
enhancing M&A,” said Mr. Ed Breen, under the 2019 spin-off agreements
DuPont’s Executive Chairman and The electronics company would would be allocated among the three
CEO. mainly include the existing semicon- companies on a pro-rata basis.

Brenntag and Aker BioMarine announce Southeast

Asia partnership

Brenntag, the German chemicals Aker BioMarine is a Norwegian feed applications. The company’s trans-
and ingredients distribution major, has biotech innovator and Antarctic krill parent value chain stretches from sus-
signed a deal with Aker BioMarine, harvesting company dedicated to im- tainable krill harvesting in pristine Ant-
covering health supplements such as proving human health. The company arctic waters through its Montevideo
Superba 2, Superba 2 Halal, Superba develops krill-based ingredients for logistics hub, Houston production plant,
Boost, and Antarctic Krill Oil 2. nutraceutical, aquaculture, and animal and to customers around the world.

Chemical Weekly June 4, 2024 151

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