MIDLAND, MI/WILMINGTON, DE — DowDuPont™ announced that its board of directors and management, with the assistance of independent advisors, have completed their comprehensive review of the portfolio composition of the three intended independent companies. The board unanimously concluded that, in light of knowledge gained since the announcement of the transaction, certain targeted adjustments will be made between the Materials Science and Specialty Products divisions. The changes better align these businesses with the end-markets they serve, ensuring clear focus, market visibility, targeted innovation and stronger growth profiles.

As a result of the analysis, DowDuPont will realign the following businesses to the Specialty Products Division from the Materials Science Division:

• Dow’s Automotive Systems’ adhesives and fluids platforms;
• Dow’s Building Solutions business;
• Dow’s Water and Process Solutions business;
• Dow’s Pharma and Food Solutions business;
• Dow’s Microbial Control business;
• DuPont’s Performance Polymers business; and
• Several silicones-based businesses aligned with applications in industrial LED, semiconductors, medical, as well as Molykote^® brand lubricants for automotive and industrial equipment and Multibase Inc., which provides solutions for the thermoplastic compounding industry.

“Our DowDuPont Board is fully aligned and confident that these targeted portfolio adjustments are the right actions to take and will benefit all stakeholders over the long term,” said Andrew Liveris, Executive Chairman of DowDuPont. “They bear out the clear results of a significant comprehensive analysis the Dow and DuPont boards undertook over the past many months, which benefited from a fresh look provided by independent, third-party external advisors, in particular McKinsey & Company. We built on the wealth of knowledge gained as both companies advanced our integration work together. These adjustments are also fully supported by the Materials Science Advisory Committee, as they better align select businesses with the market verticals they serve, while maintaining integration and innovation strengths within strategic value chains. As a result, both our Materials Science and Specialty Products divisions will be well-positioned to better anticipate and meet customer needs through focused innovation and technology development that will deliver accelerated growth from a broader suite of best-in-class products.”

“The changes we are making will enhance the competitive advantages and value creation potential of DowDuPont and ensure that the intended companies have the best possible foundation to drive long-term value for all stakeholders,” said Ed Breen, Chief Executive Officer of DowDuPont. “The facts clearly supported the strategic logic of this portfolio configuration. Each of the intended companies will have even stronger competitive positioning, high value-added customer solutions, and a distinct and compelling investment thesis, while maximizing opportunities for strategic growth and synergies. With clear focus, each will serve attractive and growing markets, investing in innovation and delivering greater returns for shareholders.”

Following the portfolio realignments, the three intended companies of DowDuPont are as follows:

• A leading Agriculture Company that brings together the strengths of DuPont Pioneer, DuPont Crop Protection and Dow AgroSciences to better serve growers around the world with a superior portfolio of solutions (seeds, traits, crop chemicals, seed treatment, agronomy and digital services), ensuring greater choice and competitive price for value. The combined capabilities and highly productive innovation engine will enable the intended Agriculture company to bring a broader suite of products to the market faster, so it can be an even better partner to growers, delivering innovation and helping them to increase their productivity and profitability. The intended company will be headquartered in Wilmington, Delaware, with global business centers in Johnston, Iowa, and Indianapolis, Indiana.
• A leading Materials Science Company that will be the premier materials science solution provider, with the vast majority of its sales aligned with three narrower and deeper, high-growth market verticals: packaging, infrastructure and consumer care. With one of the strongest and deepest toolkits in the industry, the intended company will have robust technology and asset integration, scale and competitive capabilities to enable truly differentiated materials science solutions for customers. The intended company will consist of three powerful, market-leading segments:  Performance Materials & Coatings, Industrial Intermediates & Infrastructure, and Packaging & Specialty Plastics. The intended company will maintain the Dow™ brand and will be headquartered in Midland, Michigan.
• A leading Specialty Products Company that will be a customer-driven innovation leader composed of technology-based differentiated materials, ingredients, and solutions that transform industries and everyday life. The intended company will apply its market knowledge and deep expertise in science and application development to solve customer needs in distinct markets, including electronics, transportation, building and construction, health and wellness, food and safety. The intended company will consist of four market-leading segments:  Electronics & Imaging, Transportation & Advanced Polymers, Safety & Construction, and Nutrition & Biosciences. The intended company will be headquartered in Wilmington, Delaware.