DuPont, Dow Outline Corporate Structure Of Planned Agriculture Company
19 Februar 2016 - 4:10PM
Dow Jones News
By Joshua Jamerson
DuPont and Dow Chemical said Friday the agriculture company they
intend to create in a proposed merger would be headquartered in
Wilmington, Delaware, where DuPont is currently based, as they
outlined the planned corporate structure after the tie-up.
The agriculture company will include DuPont in the name, the
companies said.
Sites in Johnston, Iowa, and Indianapolis will serve as "global
business centers," with leadership of business lines and research
and development, among other units, concentrated in the two Midwest
locations.
"Our deep presence in Iowa and Indiana will continue the close
ties to our customer base and the broader agriculture community,
while leveraging the existing corporate infrastructure and
expertise we have in Delaware -- DuPont's home for more than 200
years," Chairman and Chief Executive Edward D. Breen said.
Midland, Mich.-based Dow, a giant in the chemical and
agriculture industries and maker of products ranging from corn
seeds to plastic, in December struck a deal to combine with DuPont
into a $120 billion company that will have about $90 billion in
sales.
The merged firm, if the deal is approved, expects to cut some $3
billion in costs before splitting into three separate businesses 18
to 24 months after the merger closes.
In addition to the agriculture company, Dow said a planned
material science company--consisting of Dow's materials and
chemicals business, among others, as well as DuPont's materials
segment--would be based in Midland and include Dow in the name.
The third company, its specialty products business focused
secular growth markets, would also be based in Wilmington.
The companies expect the transaction to close in the second half
of 2016, subject to necessary closing conditions and regulatory
approval. After the tie-up, DowDuPont is slated to be dual
headquartered in Midland and Wilmington before the intended
separation into three independent companies.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
February 19, 2016 09:55 ET (14:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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