Midland-based Dow Chemical Co. and Wilmington, Del.-based DuPont today announced the site structure for its three independent, publicly traded companies that are part of the DowDuPont merger, expected to close later this year. Company officials say the material science company will be based in Midland, while the agriculture business and the specialty products company will be headquartered in Wilmington.
“The proposed combination of Dow's and DuPont's agricultural businesses will create a U.S.-based global leader with the scale and breadth necessary to deliver greater value and choice for growers worldwide and compete against the largest global competitors,” says Andrew Liveris, chairman and CEO of Dow. “Combining each company's strengths in science and R&D, with increased global market access, enables greater opportunity for innovative new solutions in both seed and crop protection.”
Liveris says the material science company will consist of Dow’s performance plastics, performance materials and chemicals, infrastructure solutions, consumer care, and automotive solutions operating segments, along with DuPont’s performance materials segment. The company is expected to provide customers packaging, transportation, and infrastructure solutions. The company will feature Dow in the name.
The Wilmington corporate headquarters for the agriculture company will include the office of the CEO and corporate support functions. He says sites in Iowa and Indiana will serve as global business centers, with leadership of business lines, business support functions, R&D, global supply chain, and sales and marketing capabilities concentrated in the two Midwest locations. The agriculture company will feature DuPont in the company name.
“This efficient structure takes full advantage of the unique expertise and resources that exist in each location, enabling us to deliver the long-term opportunity for the leading global agriculture company we intend to create,” says Edward Breen, chairman and CEO of DuPont.
Breen says the specialty products company will consist of DuPont's nutrition and health, industrial biosciences, and protective solutions businesses, as well as the integration of DuPont's electronics and communications business with Dow's electronic materials business unit.
Prior to the separation into three independent companies, DowDuPont will be dual headquartered in Midland and Wilmington. The combined company is valued at $130 billion.