DuPont announced Oct. 24 that its board of directors has authorized the management to execute a full separation of its Performance Chemicals segment, which includes the Titanium Technologies and Chemicals & Fluoroproducts businesses.
DuPont intends to execute the separation through a tax-free spin-off to shareholders, subject to customary closing conditions. Upon completion of the separation in about 18 months, 100% of the new public entity will be owned by DuPont shareholders, an announcement said.
"Following a thorough strategic review process over the last year, the spin-off of Performance Chemicals is clearly the best option to deliver enhanced value for our shareholders. This separation will advance the transformation of DuPont and result in two strong, highly competitive companies," said DuPont chair and chief executive officer Ellen Kullman.
The Performance Chemicals spin-off is DuPont's latest portfolio enhancement guided by its strategic direction. Since 2010, DuPont has executed a number of acquisitions and divestitures — including acquiring Danisco, a leading food and biosciences business, while divesting its Performance Coatings segment earlier this year.
With an even clearer focus on science-driven growth, DuPont said it will advance its unique integrated capabilities in biology, chemistry and materials science to further strengthen its industry leading positions in agriculture and nutrition, bio-based industrials and advanced materials. Specifically, the company will continue to leverage its science capabilities across secular growth markets in food, energy and protection, delivering shareholder value through revenue and earnings growth.