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Mergers & Acquisitions

DowDuPont completes final split to form DuPont and Corteva

Both companies are pinning growth hopes on innovation

by Alexander H. Tullo
June 7, 2019 | A version of this story appeared in Volume 97, Issue 23


A photo of DuPont executives participating in the bell-ringing ceremony at the New York Stock Exchange.
Credit: NYSE
DuPont executives participate in the closing bell ceremony at the New York Stock Exchange on June 3.

The DowDuPont era has come to an end.

Corteva Agriscience has separated from DowDuPont, and the remaining entity is being recast as DuPont.

Corteva combines the crop protection chemical and seed businesses of Dow Chemical and DuPont, which merged in 2017 to form DowDuPont. The businesses that make up Corteva had sales of $14.3 billion in 2018. Some 56% of these sales came from seeds; the balance was derived from crop protection chemicals.

DowDuPont shareholders received one share of Corteva for every three shares of DowDuPont they owned. It began trading on the New York Stock Exchange on June 3 under the ticker symbol CTVA.

“Today marks the launch of a new kind of agriculture company, well positioned to compete and win by providing farmers the complete solution they need for sustainable, long-term growth and improved profitability,” said Corteva CEO Jim Collins, marking the occasion.

DuPont has four business segments constructed from former DuPont and Dow businesses: transportation and advanced polymers, electronics and imaging, safety and construction, and nutrition and biosciences. These businesses combined for $22.6 billion in sales in 2018.

The executive chairman of the new firm, Edward Breen, says it will grow through innovation and keeping down costs. “With these priorities, combined with active portfolio management and a commitment to capital returns, DuPont will remain intently focused on delivering value for our shareholders.”

DowDuPont shareholders now own one share of DuPont de Nemours—the full name of the new firm—for every three shares they owned of DowDuPont (see page 24). The company has begun trading on the New York Stock Exchange under the ticker symbol DD, which it had before the merger with Dow.

Dow separated from DowDuPont in April.

Morgan Stanley stock analyst Vincent Andrews says splitting into four firms will be an option for DuPont after the 2-year anniversary of the merger of Dow and DuPont coming up on Aug. 31, when the firm will be allowed to do so. “Breen has consistently indicated that everything is on the table from a strategic options perspective,” he wrote in a note to clients.

Andrews also noted a “number of reasons to like Corteva.” These include market and cost synergies between the former Dow and DuPont businesses, a strong R&D pipeline, and a disciplined capital allocation.



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