Friday, 25 October 2013

DuPont to spin-off refrigerants business

USA: DuPont will spin-off of its refrigerants business within the next 18 months, the company has confirmed.

The company announced yesterday that it would execute a full separation of its Performance Chemicals segment, which includes the Titanium Technologies and Chemicals & Fluoroproducts businesses. DuPont intends to execute the separation through a tax-free spin-off to shareholders. Upon completion of the separation in about 18 months, 100% of the new public entity will be owned by DuPont shareholders.

“Following a thorough strategic review process over the last year, the spin-off of Performance Chemicals is clearly the best option to deliver enhanced value for our shareholders,” said DuPont chair and ceo Ellen Kullman.

DuPont's Performance Chemicals segment will operate as an independent, publicly traded company after the separation. The Performance Chemicals segment generated about $7bn in 2012.

DuPont first announced in July 23 that it was exploring strategic alternatives for its Performance Chemicals businesses.

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