MIDLAND—Officials at Dow announced the successful completion of its separation from DowDuPont, becoming what they called “a more focused, streamlined, and leading materials science company.”
Dow will become a company with three building-block technologies, ethylene, propylene and silicones.
The distribution of Dow common stock was completed markets closed Monday, with each DowDuPont stockholder of record receiving one share of Dow common stock for every three shares of DowDuPont common stock held, with cash paid in lieu of fractional shares. Dow began grading on the New York Stock Exchange under its historical symbol DOW Tuesday, and joined the Dow Jones Industrial index.
“Today marks the beginning of a new and exciting chapter for Dow,” said Jim Fitterling, CEO. “The changes we have made to Dow’s portfolio, cost structure and mindset are significant. The new Dow is a more focused and streamlined company with a clear playbook to deliver long-term earnings growth and value creation for all stakeholders. Team Dow is well positioned to achieve our ambition of becoming the most innovative, customer-centric, inclusive and sustainable materials science company. We have all the tools in place to innovate more quickly, to operate more productively, and to invest more prudently to deliver value creating growth, higher returns and enhanced shareholder value.”
“Today we celebrate this milestone with our customers, communities, investors, and Team Dow,” said Howard Ungerleider, president and CFO. “With our focused portfolio, streamlined cost structure, disciplined approach to capital allocation, and shareholder friendly capital return framework, the new Dow has the right capabilities and team to drive best-in-class operating and financial performance.”
More information about Dow and its investment thesis is available on its new Investors Relations website: investors.dow.com.