WILMINGTON, Del., Sept. 6,
2023 /PRNewswire/ -- DuPont (NYSE: DD) today
announced completion of the $3.25
billion accelerated share repurchase transaction launched
last November (the "$3.25B ASR
transaction"). Additionally, the Company today announced that it
has entered into new accelerated share repurchase agreements with
multiple counterparties to repurchase an aggregate of $2 billion of common stock (the "$2B ASR transaction").
In connection with completion of the $3.25B ASR transaction, the Company received and
retired an additional 8.0 million shares of DuPont common stock. In
total, the Company received and retired 46.8 million shares of
DuPont common stock under the $3.25B
ASR transaction at an average price of $69.44 per share.
In connection with the launch of the $2B ASR transaction, this week the Company will
pay an aggregate of $2.0 billion and
will receive and retire 21.2 million shares of DuPont common stock,
representing 80% of the transaction value based on DuPont's closing
share price on September
5th.
The final number of shares to be received and retired under the
$2B ASR transaction will be
determined upon completion of the transaction and will be based on
the total transaction value and the volume-weighted average share
price of DuPont common stock during the term of the transaction.
The Company expects to complete the $2B ASR transaction during the first quarter of
2024.
About DuPont
DuPont (NYSE: DD) is a global innovation leader with
technology-based materials 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, healthcare and worker safety.
More information about the company, its businesses and solutions
can be found at www.dupont.com. Investors can access information
included on the Investor Relations section of the website at
investors.dupont.com.
DuPont™, the DuPont Oval Logo, and all trademarks and service
marks denoted with ™, SM or ® are
owned by affiliates of DuPont de Nemours, Inc. unless otherwise
noted.
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 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 actual results to
differ materially from those projected in any such forward-looking
statements include, but are not limited to: (i) the
possibility that the Company may fail to realize the anticipated
benefits of the $5 billion share
repurchase program announced on November 8,
2022 and that the program may be suspended, discontinued or
not completed prior to its termination on June 30, 2024; (ii) risks and uncertainties
related to the settlement agreement concerning PFAS liabilities
reached June 2023 with plaintiff
water utilities by Chemours, Corteva, EIDP and DuPont, including
timing of court approval and the level of opt-outs from the
settlement (iii) risks and costs related to each of the parties
respective performance under and the impact of the arrangement to
share future eligible PFAS costs by and between DuPont, Corteva and
Chemours, including the outcome of any pending or future litigation
related to PFAS or PFOA, including personal injury claims and
natural resource damages claims; the extent and cost of ongoing
remediation obligations and potential future remediation
obligations; changes in laws and regulations applicable to PFAS
chemicals; (iv) ability to achieve anticipated tax treatments in
connection with mergers, acquisitions, divestitures and other
portfolio changes actions and impact of changes in relevant tax and
other laws; (v) indemnification of certain legacy
liabilities; (vi) failure to timely close on anticipated
terms (or at all), realize expected benefits and effectively manage
and achieve anticipated synergies and operational efficiencies in
connection with mergers, acquisitions, divestitures and other
portfolio changes; (vii) risks and uncertainties, including
increased costs and the ability to obtain raw materials and
meet customer needs, related to operational and supply chain
impacts or disruptions, which may result from, among other events,
pandemics and responsive actions; timing and recovery from demand
declines in consumer-facing markets, including in China; and geo-political and weather related
events; (viii) ability to offset increases in cost of inputs,
including raw materials, energy and logistics; (ix) risks from
continuing or expanding trade disputes or restrictions, including
on exports to China of
U.S.-regulated products and technology impacting the semiconductor
business; (x) risks, including ability to achieve, and costs
associated with DuPont's sustainability strategy including the
actual conduct of the company's activities and results thereof, and
the development, implementation, achievement or continuation of any
goal, program, policy or initiative discussed or expected; and (xi)
other risks to DuPont's business, operations; each as further
discussed in DuPont's most recent annual report and subsequent
current and periodic reports filed with the U.S. Securities and
Exchange Commission. 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 or supply chain
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 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 assumes 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/dupont-completes-3-25-billion-accelerated-share-repurchase-transaction-launches-new-2-billion-accelerated-share-repurchase-transaction-301919778.html
SOURCE DuPont