WILMINGTON, Del., June 17, 2015 /PRNewswire/ -- Today, DuPont
announced that the U.S. Securities and Exchange Commission ("SEC")
has declared effective the Registration Statement on Form 10
of The Chemours Company ("Chemours"). The Registration Statement on
Form 10 includes information regarding the business and spin-off of
Chemours, which is expected to be completed on July 1, 2015.
In addition, on June 12, 2015, the
New York Stock Exchange authorized Chemours for listing on the
exchange, with "regular way" trading to commence on July 1, 2015.
As previously announced, on June 5,
2015, the DuPont board of directors declared a pro rata
dividend to DuPont common stockholders of record as of 5:00 p.m. ET on June 23,
2015. As a result, on July 1,
2015, DuPont common stockholders will receive one share of
common stock of Chemours for every five shares of DuPont common
stock they hold on the record date. Prior to July 1, DuPont will mail an Information Statement
containing information about Chemours and the spin-off to DuPont
common stockholders as of the record date.
Shares of DuPont common stock will continue to trade "regular
way" on the NYSE under the symbol "DD" through and after the
distribution date. On June 19,
2015, it is expected that DuPont common stock on the NYSE
will also trade "ex‑distribution" under the symbol "DD WI." Prior
to July 1, shares of DuPont common
stock that trade under "DD" will trade with the right to receive
shares of Chemours common stock on July 1,
2015. Shares of DuPont common stock that trade under "DD WI"
will trade without the right to receive shares of Chemours common
stock. Investors are encouraged to consult with their financial
advisors regarding the specific implications of buying or selling
DuPont common stock on or before July
1.
It is anticipated that "when-issued" trading on the NYSE in
Chemours common stock will begin on June 19, 2015, under the
symbol "CC WI." On July 1, 2015,
Chemours common stock will begin "regular way" trading on the NYSE
under the symbol "CC."
Chemours is a global leader in titanium technologies,
fluoroproducts and chemical solutions, providing its customers in a
wide range of industries with market-defining products, application
expertise and chemistry-based innovations. Chemours ingredients are
found in plastics and coatings, refrigeration and air conditioning,
mining and oil refining operations and general industrial
manufacturing. Our flagship products include prominent brands such
as Teflon®, Ti-Pure®, Krytox®, Viton®, Opteon® and Nafion®.
Chemours has approximately 9,000 employees across 37 manufacturing
sites serving more than 5,000 customers in North America, Latin
America, Asia-Pacific and
Europe. Chemours is headquartered
in Wilmington, Del.
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.
Forward-Looking Statements: This document contains
forward-looking statements which may be identified by their use of
words like "plans," "expects," "will," "believes," "intends,"
"estimates," "anticipates" or other words of similar meaning. All
statements that address expectations or projections about the
future, including statements about growth strategies, product
development, regulatory approval, market position, anticipated
benefits of recent acquisitions, timing of anticipated benefits
from restructuring actions, outcome of contingencies, such as
litigation and environmental matters, expenditures, financial
results and the anticipated date for Chemours common stock to begin
trading on a "regular-way" basis on the NYSE, are forward looking
statements. Forward-looking statements are not guarantees of future
performance and are based on certain assumptions and expectations
of future events which may not be realized. Forward-looking
statements also involve risks and uncertainties. Some of the
important factors that could cause actual results to differ
materially from those projected in any such forward looking
statements are: (i) risks related to the anticipated timing of the
separation through spin-off of Chemours, (ii) risks that the
conditions to the separation are not satisfied, (iii) the risk that
the expected benefits from the separation may not be fully realized
or may take longer to realize than expected; (iv) continued
validity of a private letter ruling from the IRS, which DuPont has
received from the IRS, and the receipt and continued validity of a
tax opinion, in form and substance acceptable to DuPont, and (v)
additional factors described in DuPont's and Chemours' filings
with the SEC. Neither DuPont nor Chemours undertakes any duty to
update such forward-looking statements as a result of future
developments or new information.
The DuPont Oval Logo, DuPont™, Teflon®, Ti-Pure®, Krytox®,
Viton®, Opteon® and Nafion® are registered trademarks or trademarks
of DuPont or its affiliates.
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SOURCE DuPont