Ed Breen, chief executive officer of DowDuPont and Andrew Liveris, executive chairman of DowDuPont, pictured announcing the proposed merger in December 2015
DuPont and Dow Chemical have completed their $130 billion merger to form DowDuPont.
The deal, effective immediately, will see the DowDuPont have three main divisions – agriculture, materials science and specialty products.
The DowDuPont board has established three advisory panels to oversee the setting up of each of the three independent companies and will designate the future CEO and leadership team of its intended company.
DowDuPont executive chairman Andrew Liveris said: “The true value of this merger lies in the intended creation of three industry powerhouses that will define their markets.”
The Board of Directors of DowDuPont will comprise of 16 members – eight directors formerly on the DuPont board and eight directors formerly on the Dow board.
DowDuPont chief executive officer Ed Breen said: “For shareholders, customers and employees, closing this transaction is a definitive step toward unlocking higher value and greater opportunities through a future built on sustainable growth and innovation.
“DowDuPont is a launching pad for three intended strong companies that will be better positioned to reinvest in science and innovation, solve our customers’ ever-evolving challenges, and generate long-term returns for our shareholders. With the merger now complete, our focus is on finalising the organisational structures that will be the foundations of these three intended strong companies and capturing the synergies to unlock value.
“With clear focus, market visibility and more productive R&D, each intended company will be equipped to compete successfully as an industry leader.”
Dow and DuPont originally announced the merger in December 2015.
© FoodBev Media Ltd 2017