Dow has successfully completed its separation from DowDuPont, becoming a more focused, streamlined, and leading materials science company.
Dow launches with global scale and leading positions in three attractive consumer-driven segments namely; packaging, infrastructure and consumer care.
Dow is now even better positioned to drive revenue growth and innovate for its customers, leveraging three advantaged building blocks – ethylene, propylene and silicones – to power one of the deepest chemistry sets in the industry.
The distribution of Dow common stock was completed after market closed, with each DowDuPont stockholder of record receiving one (1) share of Dow common stock for every three (3) shares of DowDuPont common stock held as of the close of business on March 21, 2019. DowDuPont stockholders will also receive cash in lieu of any fractional Dow shares. Dow common stock will begin trading on the New York Stock Exchange (NYSE) under its historical symbol “DOW” on April 2, 2019, and will join the Dow Jones Industrial Average (DJIA) index.
“Today marks the beginning of a new and exciting chapter for Dow,” said Jim Fitterling, chief executive officer.
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, the CEO said.
“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,” Fitterling added
“Today we celebrate this milestone with our customers, communities, investors, and Team Dow,” said Howard Ungerleider, president and chief financial officer.
“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,” added Ungerleider.
The new Company will be referred to by the brand name “Dow,” acknowledging the remarkable legacy while also reflecting the company-wide evolution to a materials science solutions provider.
Dow is adopting a new brandline – “Seek Together” – which is a call to action that highlights the value of collaboration to deliver innovation and solutions to our customers and value chains. It represents the way Dow seeks to collaborate with all of its stakeholders as it delivers on its ambition. The iconic Dow Diamond, which has stood as the Company’s logo for more than 120 years, is unchanged and will continue to be a core element of the Dow brand.
Dow has been present in Kenya since 2012, serving customers in the consumer care, infrastructure and packaging industries.
“The New Dow will have enhanced focus on manufacturing sector in Kenya, providing cutting edge innovation and unparalleled technical support. Our success will be hinged on being sustainable and inclusive in all our business operations,” said Alexander Döll, Area Managing Director, Dow Eastern Africa.
Dow operates 38 manufacturing sites in 15 countries across Europe, Middle-East, Africa and India, and delivered pro forma net sales of $17.4 billion in 2018.
Dow (NYSE: DOW) combines one of the broadest technology sets in the industry with asset integration, focused innovation and global scale to achieve profitable growth and become the most innovative, customer-centric, inclusive and sustainable materials science company.
Dow’s portfolio of performance materials, industrial intermediates and plastics businesses delivers a broad range of differentiated science-based products and solutions for our customers in high-growth segments, such as packaging, infrastructure and consumer care. The firm operates in 113 manufacturing sites in 31 countries and employs approximately 37,000 people and delivered pro forma sales of approximately $50 billion in 2018.