DowDuPont today moved one step closer to establishing Corteva Agriscience as a standalone entity. The company announced that its board of directors has approved the previously announced separation of DowDuPont’s Materials Science Division, which will become the new Dow on April 1.
“Today’s announcement marks a major milestone toward successfully separating Dow on April 1, to be followed by the expected separation of Corteva Agriscience from the new DuPont on June 1,” said Ed Breen, chief executive officer of DowDuPont. “We believe that each of the intended three independent companies is set 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.”
After the separation, Dow will be an independent, publicly traded company, which also will be the case with Corteva when it separates from the company formed with the Dow-DuPont merger.
“The new Dow is a more focused, disciplined and market-oriented company,” said Jim Fitterling, chief operating officer of the Materials Science division and chief executive officer elect of Dow. “We are fully prepared for our separation from DowDuPont on April 1, and ready to innovate and grow with our customers while delivering long-term value for our shareholders.”