Du Pont Consolidation US Chemical and Seed Maker Du Pont Restructures Again
Du Pont has consolidated business units reducing its total number of reporting segments to six. The consolidation comes a month after Edward Breen took over as the company’s interim chief executive, following Ellen Kullman's retirement on October 5.
Wilmington, Delaware/USA – According to Reuters, Du Pont announced the consolidation of its Packaging & Industrial Polymers business with its Performance Polymers business, as well as the consolidation of the Protection Technologies business with the Building Innovations business. These businesses will operate in the Performance Materials segment and the Safety & Protection segment, respectively. Both consolidations will be effective on January 1, 2016, and Du Pont will continue to have six reporting segments.
The combined Packaging & Industrial Polymers and Performance Polymers businesses — which will comprise the Performance Materials reporting segment — will be led by Patrick E. Lindner, currently president of Du Pont Performance Polymers.
The combined Protection Technologies and Building Innovations businesses — which will be called Du Pont Protection Solutions — will be led by Rose Lee, currently president of the Du Pont Protection Technologies business.
These changes follow poor third-quarter earnings despite the manufacturer’s sustained attempts over the last years to shed slower-growing operations and increase profitability. In line with this, Du Pont announced this fall that it will cut about 1,500 positions globally in the next 12–18 months. The consolidation comes a month after Edward Breen took over as the company’s interim chief executive, following Ellen Kullman's retirement on October 5.