DuPont, Dow Say Headquarters Of Intended Agriculture Company To Be In Delaware

(RTTNews) - Chemical giant EI DuPont De Nemours & Co. (DD) or DuPont, and Dow Chemical Co. (DOW) announced the U.S. site structure for the independent agriculture company they intend to create following the planned separation of DowDuPont into three independent, publicly traded companies.

In early December, DuPont and Dow Chemical said their boards of directors have unanimously approved an agreement for an all-stock merger of equals. The combined company will be named DowDuPont.

Initially DuPont and Dow will merge its agriculture, material science and specialty products businesses and subsequently pursue a tax-free spin-off into three independent, publicly traded companies in 18-24 months after closing of the merger.

The two companies said Friday that the corporate headquarters for the agriculture company will be located in Wilmington, Delaware and will include the office of the CEO and key corporate support functions.

Sites in Johnston, Iowa and Indianapolis, Indiana will serve as global business centers, with leadership of business lines, business support functions, R&D, global supply chain, and sales and marketing capabilities concentrated in the two Midwest locations.

In addition, the independent agriculture company will feature DuPont in the company's name, following completion of the corporate naming and branding process.

The companies noted that the structure of the agriculture company was specifically developed to ensure the cost discipline and efficiency necessary to achieve the previously stated $1.3 billion in synergies, while establishing the strongest foundation possible for sustainable growth over the long term.

Meanwhile, the headquarters location of the other two intended independent, publicly traded companies has also been determined. The Material Science company will be headquartered in Midland, Michigan and will feature Dow in the company's name. The Specialty Products company will be headquartered in Wilmington, Delaware.

Prior to the intended separation into three independent companies, DowDuPont will be dual headquartered in Wilmington, Delaware and Midland, Michigan.