DuPont chemical spin-off scheduled for 1 July

London – DuPont Performance Chemical segment will officially spin off on 1 July 2015, a spokesman for the company has revealed to ERJ.

The Chemours Company, added the spokesman, will supply the flouroelastomer brand Viton, among other businesses, including DuPont Titanium Technologies (DTT).

Also in response to ERJ, a DuPont spokeswoman said that DuPont would continue to manufacture Kalrez perfluoroelastomer (FFKM) parts and Vamac ethylene acrylic elastomer.

"The company also still manufactures Neoprene (polychloroprene), but is in the process of divesting this business to Denka Performance Elastomer LLC," she added.

Chemours will be headed by Mark Vergnano, who is currently the executive vice president of DuPont, responsible for businesses in the Performance Chemicals segment. Mark Newman will serve as senior vice president and chief financial officer.

Chemours will have approximately 9,100 employees, 37 production facilities in 12 countries, and will serve over 5,000 customers worldwide.

In a press release on 21 April, DuPont CEO Ellen Kullman said that the company expected the spin-off to return to shareholders “substantially all of” the approximately $4 billion of one-time dividend proceeds within 12 to 18 months of the separation.

“Following the separation, DuPont will be fully focused on three highly attractive strategic focus areas where our science and engineering capabilities can deliver the greatest value for shareholders,” she added.

In 2014,DuPont Performance Chemicals generated an operating income of $934 million (€872.8 million) on sales of $6,497 million.