DuPont Realigns Leadership Team to Accelerate Integrated Science Execution, Explores Strategic Alternatives for Performance Chemicals
WILMINGTON, Del., July 23, 2013 /PRNewswire/ -- Taking the next steps in its transformation to a higher growth company, DuPont today is realigning its leadership team to accelerate its integrated science execution across the company and is exploring strategic alternatives for its Performance Chemicals segment. These steps are part of DuPont's transformation to a higher growth, less cyclical company that integrates its unique scientific capabilities in biology, chemistry and materials to develop differentiated, high-value solutions in the attractive agriculture and nutrition, industrial biosciences and advanced materials markets worldwide.
To accelerate the execution of its applied integrated science strategy across its businesses, James C. Collins, Jr., who currently leads the Industrial Biosciences business, will become senior vice president, reporting to DuPont Chair and CEO Ellen Kullman, and will oversee the Industrial Biosciences, Performance Polymers and Packaging & Industrial Polymers businesses. Collins will accelerate the integration of DuPont's rapidly growing and leading industrial biotechnology into its wide-ranging advanced materials businesses, as demand for renewably sourced materials expands steadily. A 29-year veteran of DuPont, Collins led the Danisco acquisition integration team before assuming his current role.
In addition, Matthew L. Trerotola will rejoin DuPont and report to Kullman as senior vice president with responsibility for the Protection Technologies, Building Innovations, and Sustainable Solutions businesses. He will be accountable for driving improved execution and accelerate growth in these businesses. A previous DuPont corporate officer, Trerotola is familiar with DuPont's strong brands including DuPont™ Kevlar®, Tyvek® and Nomex®. Most recently, he was vice president and group executive of life sciences for the Danaher Corporation.
DuPont's consideration of strategic alternatives for its Performance Chemical segment may include a full or partial separation of each of these businesses from the company through a spin-off, sale or other transaction. The segment includes Titanium Technologies and Chemicals & Fluoroproducts businesses which generated total sales of $7.2 billion in 2012. DuPont may pursue a different strategic alternative for each business.
DuPont's decision to explore strategic alternatives for its Performance Chemicals businesses reflects its ongoing portfolio review to determine how best integrated science can contribute to growth and the optimal mix of businesses for maximizing shareholder value. This follows DuPont's sale of its Performance Coatings business earlier this year and the acquisition of Danisco in 2011.
"As we discussed at our Investors Day in May, we have been carefully weighing the strong cash generation of our Performance Chemicals businesses against their cyclicality and lower growth profile, as well as where the power of DuPont's integrated science can be differentiated," said Kullman. "We are evaluating options for our Performance Chemicals businesses as part of our ongoing plan to deliver higher growth and greater value creation for our shareholders."
DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit http://www.dupont.com.
Forward Looking Statements
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