DuPont plans US$2b share buyback after spin off

[BENGALURU] DuPont said on Tuesday it plans to announce a US$2 billion share repurchase programme after separation from DowDupont on June 1.

DowDuPont, formed in 2017 by the US$130 billion merger of chemical giants Dow Chemical and DuPont, is now in the process of splitting into three separate business units - Dow, DuPont and Corteva Agriscience.

Dow Inc, which makes chemicals used in cosmetics, paints and packaging, was spun off on April 1. Corteva is set to be separated on June 1. The company produces corn, soybean, cotton sunflower seeds as well as insecticides and herbicides.

DuPont, which makes chemicals used in semiconductors, brake fluids and lubricants, plans to grow full-year organic revenue by 2 per cent to 3 per cent and adjusted operating core earnings by 3 per cent to 5 per cent as a separate entity.

REUTERS