DowDuPont announces brand names for three independent companies it intends to create, reflecting ongoing progress towards separations
MIDLAND, Mich. & WILMINGTON, Del. (BUSINESS WIRE)-- DowDuPont™ today announced the corporate brand names that each of its divisions plans to assume once they are separated as independent companies as intended. While certain product names will change at separation, many products within each intended company will continue to be sold under their current, widely known brand names.
Ed Breen, chief executive officer of DowDuPont, said, “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. 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.”
Andrew Liveris, executive chairman of DowDuPont said, “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. 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.”
The intended Agriculture company, headquartered in Wilmington, Delaware, will assume the name Corteva Agriscience, which is based on a combination of words meaning “heart” and “nature.”
James C. Collins, Jr., chief operating officer, Agriculture Division of DowDuPont, said, “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. 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 Corteva Agriscience™ brand identity and logo were also announced today and can be viewed at www.corteva.com.
With respect to the intended Materials Science company, based in Midland, Michigan, Jim Fitterling, chief operating officer, Materials Science Division of DowDuPont said, “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. We will continue Dow’s long history of innovation and be centred on Dow’s core values of respect for people, integrity, and protecting our planet.”
With nearly $44 billion in 2017 pro forma revenue1 and $9.1 billion in 2017 pro forma operating EBITDA1, 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, headquartered in Wilmington, Delaware, will become the new DuPont, reflecting the strength of its technology-driven specialty businesses with highly-differentiated products and solutions that transform industries and everyday life.
Marc Doyle, chief operating officer, Specialty Products Division of DowDuPont, said, “For more than 200 years, customers have looked to DuPont to help them turn their best ideas into real-world products. 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 revenue2 and $5.3 billion in 2017 pro forma operating EBITDA2, 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.
As announced earlier this month, Materials Science is anticipated to separate by the end of the first quarter of 2019, and Agriculture and Specialty Products are expected to separate by June 1, 2019.
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