Type to search

Manufacturing News

DuPont finishes Chemours performance chemicals unit spin off

Share

The Associated Press

DuPont has completed a plan it announced in 2013 to spin off its performance chemicals unit into a separate business named The Chemours Co.

chemoursWilmington, Delaware-based DuPont said Wednesday that its stock owners had received aChemours share for every five DuPont shares held at the close of business on June 23. Some of those shares then started “when-issued” trading last month on the New York Stock Exchange. They began “regular way” trading Wednesday on the exchange under the ticker symbol “CC.”

DuPont Chair and CEO Ellen Kullman said in a statement Wednesday that her company is now “fully focused on markets where our science gives the company a distinct competitive advantage, enabling DuPont to drive higher, more stable growth.”

DuPont had planned to return proceeds from the spinoff to shareholders.

The company has faced pressure from activist investor Nelson Peltz to reward shareholders. Last month, shareholders rejected a contentious campaign by Peltz and his Trian Fund Management L.P for seats on the board of the 212-year-old company.

Shares of The Chemours Co. fell 9 cents to $15.91 in late-morning trading, while DuPont stock dropped 3.6 percent, or $2.31 to $61.62. Broader indexes climbed slightly.

Get the free DBT email newsletter  

Follow the people, companies and issues that matter most to business in Delaware.

Tags:

You Might also Like

Leave a Comment

Your email address will not be published. Required fields are marked *

Get the DBT Book of Lists

The definitive publication of contacts and key information from over 1,500 of Delaware's top businesses and organizations across 60 industries. 

No, thank you.

Free for a limited time! (Normally $50)

Stay updated with our free email newsletter

Keep up with the issues, companies and people that matter most to business in Delaware.

No, thank you.