fishinfrenzythebigcatchmegaways| DuPont will be split into three separate companies
US chemical giant DuPont announced on Wednesdayfishinfrenzythebigcatchmegaways, will split its electronics, water and industrial businesses into three separate listed companies on a duty-free basis, a move that sent its share price up 5% in after-hours trading.
DuPont said it will spin off its electronics, water and industrial businesses to shareholders on a tax-free basis, and that New DuPont will continue to operate as a diversified industrial company.
The new DuPont will consist of water and protection businesses, industrial solutions (including health care) and existing businesses that remain in the company.
The electronics company will be mainly composed of existing semiconductor technology and interconnection solutions businesses.
The water company will consist of DuPont's current water solutions business.
The company expects to complete the spin-off within 18 to 24 months.
DuPont also appointed CFO Lori Koch as the company's new CEO, effective June 1.
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