On September 7, DowDuPont filed a US Securities and Exchange Commission registration statement and plans to split its materials business into Dow Chemical. Dow Chemical expects that the US Securities and Exchange Commission (SEC) will announce Form in the first quarter of 2019. The 10 document came into effect, which allowed the spin-off company to leave DowDuPont before April 1, 2019.
The split Dow Chemical business, with sales of $44.7 billion in 2017, will include six global business units serving three vertical markets: consumer care, infrastructure and packaging. The business serves as DowDuPont. Part of it is roughly in line with the current Dow Materials Division report.
Dow CEO Jim Fitterling said: 'Form 10 is an important step towards creating a new Dow company. The new Dow will become a more focused and flexible solution provider. The target vertical market is able to innovate and develop customers quickly and efficiently. ' It is expected that Dow will update the document in the coming months and provide more details on capital structure, dividend policy and governance. According to the document, Dow Chemicals will employ approximately 37,000 employees after the split. New Dow expects 2017 sales of $44.7 billion and pre-tax income of $1.3 billion, including $2.7 billion in integration and separation costs.
The new Dow Chemical products include most traditional Dow chemicals, but do not include agrochemicals and some specialty chemicals. DuPont's ethylene and ethylene copolymer business has been transferred to Dow. Dow's crop protection and seeds business is merged with DuPont's agriculture business, founded Corteva Agriscience company, will be the end of the 2019 second quarter was split into an independent company. Corteva Agriscience company plans to file Form 10 filed in October.
Dow Chemical has transferred certain specialty chemicals assets to DuPont, including electronic chemicals; part of the silicone business; and other specialty chemical lines, including automotive adhesives and liquids, building solutions, water treatment and Process solutions, pharmaceutical and food solutions, and biocides.
DowDuPont Chief Financial Officer, Dow Chemical Company President and Chief Financial Officer Howard Ungerleider said: 'This preliminary application document highlights that New Dow Chemical will have strong financial and operational strength after the spin-off. It also emphasizes that our The focus is on driving profitable growth, increasing return on investment capital, and increasing free cash flow.'
Packaging and specialty plastics business, with sales of $22.5 billion in 2017, including Dow's hydrocarbon and energy businesses, as well as packaging and specialty plastics business. Industrial intermediates and infrastructure, 2017 sales of $13 billion, including industrial solutions Solutions, Polyurethane and Chloro Alkali/Vinyl. Performance Materials and Coatings Division, 2017 sales of $8.8 billion, including coatings and performance monomers and consumer solutions.
DowDuPont announced some report changes on September 6th, which will take effect in the third quarter of 2018. Dow's construction chemicals business has merged with polyurethane and chlor-alkali/vinyl businesses. Certain product lines related to the oil and gas industry From industrial solutions to Dow polyurethane and chlor-alkali/vinyl businesses.