DowDuPont ™ has announced the submission of the first version of Form10 to the US Securities and Exchange Commission ("SEC") to split its materials science division and establish the new Dow.
This version of Form10 includes a business and strategic overview, competitive advantage and end-market information, as well as historical and unaudited financial information. The document is expected to be updated in the coming months and provide more details on capital structure, dividend policy and governance.
New Dow expects the U.S. Securities and Exchange Commission to announce Form10's validity in the first quarter of 2019, which matches the company's planned separation from Dow DuPont on April 1, 2019.
The document states that New Dow will consist of six global business units serving three vertical areas of consumer health, infrastructure and packaging. With its accumulated knowledge in materials science, a tight value chain, global coverage, large-scale and competitive advantages, New Dow will provide customers with differentiated products and solutions.
"For New Dow, Form 10 is an important step on the way to becoming the world's leading materials science company," said Jim Fitlin, chief operating officer and Dow CEO of Dow DuPont Materials Science. . The new Dow will become a more focused and flexible solution provider. In the vertical field of the target market, it is positioned to provide innovative services more efficiently and grow with customers, thereby enhancing shareholder value. "
Howard Ungerleider, Dow's Chief Financial Officer, Dow's President and Chief Financial Officer, said: "This first draft highlights the financial and operational strength of the new Dow after the separation. It also reflects our focus on driving profit growth and increasing The return on invested capital and the increase in own cash flow. "
New Dow products will not include agricultural chemicals and some specialty chemicals. Dow's crop protection and seed business is attributed to DuPont's agricultural business, forming Corteva Agriscience. As scheduled, Corteva Agriscience will be submitted to the Form10 file in October.