The Dow Chemical Company and E.I. du Pont de Nemours & Company say they have successfully completed their merger announced in December 2015, and are now operating as a holding company under the name DowDuPont.
Shares of DuPont and Dow ceased trading at the close of the New York Stock Exchange on August 31.
The merged entity has three divisions — agriculture, materials science and specialty products — which are intended to be spun off into independent companies within the next 18 months.
“DowDuPont is a launching pad for three intended strong companies that will be better positioned to reinvest in science and innovation, solve our customers’ ever-evolving challenges, and generate long-term returns for our shareholders. With the merger now complete, our focus is on finalizing the organizational structures that will be the foundations of these three intended strong companies and capturing the synergies to unlock value. With clear focus, market visibility and more productive R&D, each intended company will be equipped to compete successfully as an industry leader,” said Ed Breen, chief executive officer of DowDuPont, in a statement on September 1.
“Today marks a significant milestone in the storied histories of our two companies,” noted Andrew Liveris, now the executive chairman of DowDuPont. “Our teams have been working for more than a year on integration planning, and — as of today — we will hit the ground running on executing those plans with an intention to complete the separations as quickly as possible.”
The planned agriculture company will be headquartered in Wilmington, Delaware, with global business centers in Johnston, Iowa, and Indianapolis, Indiana.