WILMINGTON, Del., Dec. 18, 2014 – DuPont announced today that the new public company created following completion of the pending separation of its Performance Chemicals segment will be named The Chemours Company ("Chemours"). In addition, DuPont disclosed Chemours' executive leadership team and announced the filing of the initial Form 10 registration statement with the U.S. Securities and Exchange Commission ("SEC"). DuPont today also will file a Form 8-K/A with an update related to the company's redesign initiative.

 

"Today's announcements continue our solid progress to complete the separation of Performance Chemicals and create two strong, publicly traded companies with distinct value creation strategies," said DuPont Chair and Chief Executive Officer Ellen Kullman. "DuPont and Chemours will each be global leaders, well positioned to pursue their respective objectives and strategies."

 

The Chemours Company

 

Following its separation from DuPont, Chemours will be a new, publicly traded global leader in titanium dioxide, fluoroproducts and chemical solutions. The name reflects a focus on the science of chemistry and the heritage of the du Pont family origins in Nemours, France.

 

As announced earlier this year, DuPont Executive Vice President Mark P. Vergnano will become President and Chief Executive Officer of Chemours. Mark E. Newman will serve as senior vice president and chief financial officer. BC Chong and Thierry F.J. Vanlancker will continue to lead the Titanium Technologies and the Fluoroproducts businesses, respectively.

 

Additional members of the new company's executive leadership team were announced today: Christian W. Siemer will lead the Chemical Solutions business; E. Bryan Snell will lead productivity and strategy; David C. Shelton will serve as general counsel and corporate secretary; Beth Albright will lead human resources; and Erich S. Parker will lead corporate communications.

 

Chemours will have approximately 9,100 employees, 37 production facilities in 12 countries, and will serve over 5,000 customers worldwide. Chemours intends to apply to list on the New York Stock Exchange under Ticker Symbol "CC."

 

Form 10 Filing

 

Chemours' initial Form 10, filed today with the SEC, includes business and market information as well as historical "carve-out" financial statements of Chemours.

 

As is customary, the initial Form 10 filing will be updated to provide additional information regarding capital structure, pro forma unaudited results and other matters as they become available.

 

Chemours is targeting a high yield debt rating of BB, with a commensurate debt level. Chemours' capital structure will be designed to leverage its historically strong cash flow generation while maintaining financial flexibility and paying regular dividends to its shareholders. For the third quarter 2015, Chemours' capital structure at separation is expected to support a quarterly dividend to shareholders such that the sum of DuPont's and Chemours' aggregate third quarter dividend is equivalent to DuPont's aggregate quarterly dividend immediately prior to separation.

 

DuPont expects to work closely with the rating agencies as it finalizes the expected post-spin capital structure at Chemours, considering tax, capital returns and other factors, and will update shareholders as information becomes available.

 

The separation of Chemours from DuPont remains on track to be completed by mid-2015.