International. DowDuPont has announced that its board of directors approved the previously announced separation of DowDuPont's Materials Science Division, which on April 1 becomes the new Dow.
In connection with the separation, the DowDuPont board of directors declared a proportional dividend on all outstanding common stock of Dow Inc. (formerly known as Dow Holdings, Inc.), the parent company of DowDuPont's Materials Science Division ("Dow").
On the date of distribution, each DowDuPont shareholder will receive one (1) dow common stock for every three (3) DowDuPont common stock they held on the date of registration. Shareholders of record of DowDuPont will receive cash in lieu of fractional shares of Dow common stock.
Ed Breen, CHIEF Executive Officer of DowDuPont, said: "The announcement marks an important milestone towards the successful separation of Dow, which will be followed by the expected separation of Corteva Agriscience from the new DuPont on June 1."
"We believe each of the three independent companies aim to be an industry leader with the right management and capital structure to better serve customers, compete in their end markets and focus on their innovation priorities."
Following the separation, Dow will be an independent, publicly traded company, pursuing its ambition to become the most innovative, customer-centric, inclusive and sustainable materials science company in the world.
"The new Dow is a more focused, disciplined and market-oriented company," said Jim Fitterling, chief operating officer of Dow's Materials Science division and ceo-elect. "We are fully prepared for our separation from DowDuPont on April 1, and we are ready to innovate and grow with our customers while delivering long-term value for our shareholders."
