WILMINGTON, Del., June 28, 2019 /PRNewswire/ -- DuPont de Nemours,
Inc. ("DuPont") and Corteva, Inc. ("Corteva") issued the following
statement upon the release of the unredacted complaint:
We find it regrettable that our former colleagues at Chemours
have taken this action in an attempt to limit responsibility for
their litigation and environmental liabilities under the Separation
Agreement, which the parties amended and otherwise reaffirmed in
2017. We believe the claims made by Chemours are without merit.
The process of allocating liabilities to Chemours was conducted
as part of a standard spinoff practice; liabilities were evaluated
and assigned with the help of independent consultants and experts
in corporate valuations and solvency analysis. Further, the
obligations assumed by Chemours generally arise from the very
businesses that are a part of Chemours today.
Based on Chemours' public statements, we believe Chemours has
been a successful company since its spinoff in July 2015. We have no reason to believe Chemours
is insolvent or otherwise unable to manage the liabilities
allocated to it in the Separation Agreement – either today or at
any point since it became an independent company. Indeed, Chemours
has similarly demonstrated confidence in its financial position by
returning more than $1 billion to its
shareholders in the form of dividends and stock buybacks.
While DuPont and Corteva will continue to meet our own
regulatory and legal commitments, we are fully aligned and will
vigorously defend against the claims in the complaint and our
rights under the Separation Agreement.
Today, DuPont and Corteva asked the Court to dismiss the
complaint in favor of arbitration. DuPont and Corteva expect to
fully rebut the substance of Chemours' allegations through the
private arbitration process to which Chemours previously
agreed.
About DuPont
DuPont (NYSE: DD) is a global innovation
leader with technology-based materials, ingredients and solutions
that help transform industries and everyday life. Our employees
apply diverse science and expertise to help customers advance their
best ideas and deliver essential innovations in key markets
including electronics, transportation, construction, water, health
and wellness, food and worker safety. More information can be found
at www.dupont.com.
About Corteva
Corteva (NYSE: CTVA) provides farmers
around the world with the most complete input portfolio in the
industry to enable them to maximize yield and profitability —
including some of the most recognized brands in agriculture:
Pioneer®, Granular®, Brevant™ seeds, as well as award-winning Crop
Protection products — while bringing new products to market through
its robust pipeline of active chemistry and technologies. The
company is committed to working with stakeholders throughout the
food system as it fulfills its promise to enrich the lives of those
who produce and those who consume, ensuring progress for
generations to come. Corteva became an independent public company
on June 1, 2019, and was previously
the Agriculture Division of DowDuPont. More information can be
found at www.corteva.com.
Cautionary Statement Regarding Forward Looking
Statements
This communication contains "forward-looking
statements" within the meaning of the federal securities laws,
including Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
In this context, forward-looking statements often address expected
future business and financial performance and financial condition,
and often contain words such as "expect," "anticipate," "intend,"
"plan," "believe," "seek," "see," "will," "would," "target," and
similar expressions and variations or negatives of these words.
Forward-looking statements address matters that are, to varying
degrees, uncertain and subject to risks, uncertainties
and assumptions, many of which that are beyond DuPont's and
Corteva's control, that could cause actual results to differ
materially from those expressed in any forward-looking statements.
Forward-looking statements are not guarantees of future results.
Some of the important factors that could cause DuPont's and/or
Corteva's actual results to differ materially from those projected
in any such forward-looking statements include, but are not limited
to, risks to DuPont's and Corteva's respective business, operations
and results of operations from the outcome of significant
litigation. These risks are and will be more fully discussed in
DuPont's and Corteva's respective current, quarterly and annual
reports and other filings made with the U.S. Securities and
Exchange Commission, in each case, as may be amended from time to
time in future filings with the SEC. While the list of factors
presented here is considered representative, no such list should be
considered to be a complete statement of all potential risks and
uncertainties. Unlisted factors may present significant additional
obstacles to the realization of forward-looking statements.
Consequences of material differences in results as compared with
those anticipated in the forward-looking statements could include,
among other things, business disruption, operational problems,
financial loss, legal liability to third parties and similar risks,
any of which could have a material adverse effect on DuPont's
and/or Corteva's consolidated financial condition, results of
operations, credit rating or liquidity. You should not place undue
reliance on forward-looking statements, which speak only as of the
date they are made. DuPont and Corteva assume no obligation to
publicly provide revisions or updates to any forward-looking
statements whether as a result of new information, future
developments or otherwise, should circumstances change, except as
otherwise required by securities and other applicable laws. A
detailed discussion of some of the significant risks and
uncertainties which may cause DuPont's results and events to differ
materially from such forward-looking statements is included in the
section titled "Risk Factors" (Part I, Item 1A) of DuPont's 2018
Annual Report on Form 10-K as modified by DuPont's 2019 quarterly
reports on Form 10-Q and current reports on Form 8-K. A detailed
discussion of some of the significant risks and uncertainties which
may cause Corteva's results and events to differ materially from
such forward-looking statements is included in Corteva's
Registration Statement on Form 10 filed with the U.S. Securities
and Exchange Commission.
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SOURCE DuPont; Corteva, Inc.