Dow and DuPont to merge
Print Edition
DOW Chemical and DuPont Co said yesterday that they are merging in a US$130 billion chemical industry megadeal.
The merger would combine two companies that sell agricultural products to millions of farmers around the world, and make a variety of chemicals for consumer and industrial products ranging from electronics, automobiles, and household goods to building materials and safety equipment.
The all-stock merger calls for the two companies to combine as DowDuPont, then separate into three independent publicly traded companies focused on agriculture, material science and specialty products.
“Over the last decade our entire industry has experienced tectonic shifts as an evolving world presented complex challenges and opportunities,” said Dow Chairman and CEO Andrew Liveris.
Liveris will be named executive chairman of the combined company while DuPont Chairman and CEO Edward Breen will be CEO. The company will have dual headquarters in Michigan and Delaware where the two companies are based.
In conjunction with the proposed merger, subject to regulatory approval, both firms are taking separate restructuring steps.
DuPont unveiled a companywide restructuring plan to cut US$700 million in costs that includes employee and contractor layoffs affecting about 10 percent of its workforce. It expects to record a pretax charge of about US$780 million, with around US$650 million of employee separation costs and about US$130 million of asset-related charges and contract terminations.
Dow also said it is taking over fully Dow Corning, now a 50-50 joint venture between Dow and Corning. Dow said the move, likely to close in the first half of 2016, is set to net over US$1 billion in extra adjusted annual earnings and will raise its product offerings.
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