DowDuPont Reveals Corporate Brand Names for Three Independent Divisions.
The agricultural division will be called Corteva Agriscience, while the materials science company and specialty products divisions will be known as Dow and DuPont, respectively.
Materials Science is anticipated to separate by the end of the first quarter of 2019. Agriculture and Specialty Products are expected to separate by June 1, 2019.
"Our selection of these company names is a major milestone in the process of creating three, strong independent companies, and each name reflects the unique strengths and value proposition of the company it will represent," DowDuPont CEO Ed Breen said. As we move forward, a critical part of our work will be to build and strengthen the global corporate brands that express the commitment we are making to our customers, employees, investors, and all of our stakeholders, to grow value through innovation."
"The Dow and DuPont teams have made incredible progress in six short months and today's announcement is another demonstration of the unprecedented value creation potential of this historic merge and spin transaction," Executive Chairman Andrew Liveris added. "We are squarely focused on unlocking enhanced cost and growth synergies, delivering on our growth investments and innovation pipeline, and separating into three industry-leading companies on the accelerated timelines we recently announced."
Corteva Agriscience (pronounced: kohr-'teh-vah)--based on a combination of words meaning "heart" and "nature"--will be based in Wilmington, Delaware.
"In Corteva Agriscience, we bring together three businesses with deep connections and dedication to generations of farmers. Our new name reflects our commitment to enhancing their productivity as well as the health and well-being of the consumers they serve," said James C. Collins, Jr., chief operating officer, Agriculture Division. "Our name reflects our purpose: enriching the lives of those who produce and those who consume, ensuring progress for generations to come. With the most balanced portfolio of products in the industry, nearly a century of agronomic expertise, and an unparalleled innovation engine, we are creating a new agriculture company that will work together with the entire food ecosystem to produce a secure supply of healthy food sustainably and efficiently."
With more than $14 billion in 2017 pro forma revenue and $2.6 billion in 2017 pro forma operating EBITDA, the Agriculture Division has the most comprehensive and balanced seed and crop protection portfolio in the world and a strong pipeline of new products that will enable it to continue to provide substantial value to farmers now and over the long term.
While Corteva Agriscience will be the corporate brand name upon the separation of the division from DowDuPont, the company will continue to offer products under a number of the most recognized and premium brands in agriculture: Pioneer, Mycogen, the newly launched Brevant Seeds, and its award-winning Crop Protection products, such as Aproach Prima fungicide and Quelex herbicide with Arylex active, as well as others it will introduce as it brings new products to market.
The intended Materials Science company will be based in Midland, Michigan.
"The Dow name and the Dow diamond have an extremely strong foundation from which we will grow and serve our customers. The iconic red diamond logo will serve as a point of continuity for all of our stakeholders as we build the most innovative, customer-centric, inclusive and sustainable materials science company in the world," said Jim Fitterling, chief operation officer, Material Science Division. "We will continue Dow's long history of innovation and be centered on Dow's core values of respect for people, integrity, and protecting our planet."
With nearly $44 billion in 2017 pro forma revenue and $9.1 billion in 2017 pro forma operating EBITDA, the Materials Science Division is the premier materials science solution provider, leveraging its integration and innovation strengths to focus on three high-growth market verticals--packaging, infrastructure and consumer care.
The intended Specialty Products company, also based in Wilmington, Delaware, will "reflect the strength of its technology-driven specialty businesses with highly-differentiated products and solutions that transform industries and everyday life."
"For more than 200 years, customers have looked to DuPont to help them turn their best ideas into real-world products," said Marc Doyle, COO, Specialty Products Division. "We are creating a premier innovation-driven specialty leader, drawing on expertise and assets from both heritage Dow and DuPont, which delivers the essential advances that our customers--and the world--need to thrive. We are deeply proud to have this company carry the DuPont name into the future."
With $21 billion in 2017 pro forma revenue and $5.3 billion in 2017 pro forma operating EBITDA, the intended Specialty Products company is well positioned for growth opportunities where customer collaboration and innovation are central to value creation.
Additional brand development work for the intended Materials Science company and the intended Specialty Products company is ongoing.
While certain product names will change at separation, many products within each intended company will continue be sold under their current, widely known brand names, the company said.
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|Title Annotation:||Industry News|
|Date:||Mar 1, 2018|
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