DuPont and Corteva Statement on The Chemours Company Lawsuit
WILMINGTON, Del., June 28, 2019 /PRNewswire/ -- DuPont de Nemours, Inc. ("DuPont") and Corteva, Inc. ("Corteva") issued the following statement upon the release of the unredacted complaint:
We find it regrettable that our former colleagues at Chemours have taken this action in an attempt to limit responsibility for their litigation and environmental liabilities under the Separation Agreement, which the parties amended and otherwise reaffirmed in 2017. We believe the claims made by Chemours are without merit.
The process of allocating liabilities to Chemours was conducted as part of a standard spinoff practice; liabilities were evaluated and assigned with the help of independent consultants and experts in corporate valuations and solvency analysis. Further, the obligations assumed by Chemours generally arise from the very businesses that are a part of Chemours today.
Based on Chemours' public statements, we believe Chemours has been a successful company since its spinoff in July 2015. We have no reason to believe Chemours is insolvent or otherwise unable to manage the liabilities allocated to it in the Separation Agreement – either today or at any point since it became an independent company. Indeed, Chemours has similarly demonstrated confidence in its financial position by returning more than $1 billion to its shareholders in the form of dividends and stock buybacks.
While DuPont and Corteva will continue to meet our own regulatory and legal commitments, we are fully aligned and will vigorously defend against the claims in the complaint and our rights under the Separation Agreement.
Today, DuPont and Corteva asked the Court to dismiss the complaint in favor of arbitration. DuPont and Corteva expect to fully rebut the substance of Chemours' allegations through the private arbitration process to which Chemours previously agreed.
About DuPont
DuPont (NYSE: DD) is a global innovation leader with technology-based materials, ingredients and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, health and wellness, food and worker safety. More information can be found at www.dupont.com.
About Corteva
Corteva (NYSE: CTVA) provides farmers around the world with the most complete input portfolio in the industry to enable them to maximize yield and profitability — including some of the most recognized brands in agriculture: Pioneer®, Granular®, Brevant™ seeds, as well as award-winning Crop Protection products — while bringing new products to market through its robust pipeline of active chemistry and technologies. The company is committed to working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. Corteva became an independent public company on June 1, 2019, and was previously the Agriculture Division of DowDuPont. More information can be found at www.corteva.com.
Cautionary Statement Regarding Forward Looking Statements
This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," and similar expressions and variations or negatives of these words.
Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties and assumptions, many of which that are beyond DuPont's and Corteva's control, that could cause actual results to differ materially from those expressed in any forward-looking statements. Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's and/or Corteva's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to, risks to DuPont's and Corteva's respective business, operations and results of operations from the outcome of significant litigation. These risks are and will be more fully discussed in DuPont's and Corteva's respective current, quarterly and annual reports and other filings made with the U.S. Securities and Exchange Commission, in each case, as may be amended from time to time in future filings with the SEC. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont's and/or Corteva's consolidated financial condition, results of operations, credit rating or liquidity. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. DuPont and Corteva assume no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. A detailed discussion of some of the significant risks and uncertainties which may cause DuPont's results and events to differ materially from such forward-looking statements is included in the section titled "Risk Factors" (Part I, Item 1A) of DuPont's 2018 Annual Report on Form 10-K as modified by DuPont's 2019 quarterly reports on Form 10-Q and current reports on Form 8-K. A detailed discussion of some of the significant risks and uncertainties which may cause Corteva's results and events to differ materially from such forward-looking statements is included in Corteva's Registration Statement on Form 10 filed with the U.S. Securities and Exchange Commission.
SOURCE DuPont; Corteva, Inc.
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