DuPont declares share details of spin-off

Wilmington, Delaware – DuPont’s board of directors has declared that the stock for its chemical spin-off The Chemours Company will be distributed on 1 July.

As a result, announced the company, DuPont common stockholders will receive one share of common stock of Chemours for every five shares of DuPont common stock they hold on the record date.

“Today's announcement continues our solid progress with the expected separation of the Performance Chemicals business and provides our shareholders with equity investments in two strong, publicly traded companies with distinct value creation strategies,” said DuPont chair and CEO Ellen Kullman.

It is anticipated that “when-issued” trading on the NYSE in Chemours common stock will begin on or about 19 June, under the symbol “CCWI.”

On 1 July, Chemours common stock will begin “regular-way” trading on the NYSE under the symbol “CC.”

Chemours is 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.

The company has 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.