DuPont is breaking up into three publicly traded companies.
The plan is for DuPont to turn its electronics and water businesses into their own companies in a transaction that is tax-free to shareholders.
The new companies are unnamed as of now.
According to DuPont the transactions are expected to be completed within the next 18-to-24 months, and they would only become official if approved by the board of directors.
DuPont says the electronics company would focus on semiconductor solutions and advanced electronics products, and the water company would be a comprehensive water solutions provider.
This is the second time DuPont has broken up in five years, as in 2019 DowDuPont was separated into three entities, DuPont, Dow Chemical and Corteva.
DuPont also announced that its chief financial officer, Lori Koch, will become the CEO effective June 1 while current CEO, Ed Breen, becomes executive chairman.
Koch will remain CEO of the trimmed down DuPont once the other companies have split.
DuPont also announced that Antonella Franzen, Chief Financial Officer of DuPont’s Water and Protection segment has been appointed DuPont’s Chief Financial Officer also effective on June 1.
