DuPont, Dow announce merger in jargon-laden press release
In a joint statement, the companies called the largest-ever deal in the chemical industry ‘highly synergistic.’
On Friday, the two companies announced that they’re joining forces, with plans to split into three separate, publicly traded companies within 24 months. The $130 billion merger, which is subject to regulatory approval, would be the largest ever in the chemical industry.
The tax-free separation would create a trio of businesses segmented into agriculture, material science and specialty products.
Once the merger has been completed, Deleware-based DuPont’s chairman and chief executive, Edward D. Breen, would become the CEO of the newly named DowDuPont. Andrew N. Liveris, Michigan-based Dow’s chairman and chief executive, would be appointed the DowDuPont Board of Directors’ executive chairman.
In a joint statement, Liveris called the merger a “game-changer” for the chemicals industry and said it “enhances the growth profile” for both Dow and DuPont while “driving value” for their investors and customers:
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