USA: New Industry Giant Dow Dupont Approves Separation of Materials Science Division to Form New Dow
Dow Dupont's board of directors has approved the previously announced separation of their Materials Science Division. As of April 1, the division is to become new Dow and an independent, publicly traded company.
Midland/USA — After the separation, Dow will be an independent, publicly traded company. The separation will be followed by the expected separation of Corteva Agriscience from the new Dupont on June 1. Jim Fitterling, chief operating officer of the Materials Science division and chief executive officer elect of Dow commented that the new company would be a more focused, disciplined and market-oriented company.
In connection with the separation, the board of directors declared a pro rata dividend of all of the outstanding shares of common stock of Dow Inc. (formerly known as Dow Holdings), the parent company of Dow Dupont’s Material Science Division. The dividend is expected to be payable on April 1, 2019, the distribution date, to stockholders of record as of the close of business on March 21, 2019 the record date.
Beginning on March 20, 2019 and continuing through April 1, 2019, it is expected that there will be two markets in Dow Dupont common stock on the NYSE (New York Stock Exchange). The distribution of Dow common stock is subject to the satisfaction or waiver of certain customary conditions, including, among other conditions, the US Securities and Exchange Commission (“SEC”) having declared effective Dow’s registration statement on Form 10, as amended.