Summary
E. I. du Pont de Nemours and Company (DuPont) has officially completed the separation of its Performance Chemicals segment through a spin-off of The Chemours Company (Chemours). This separation, effective July 1, 2015, involved a pro rata dividend of Chemours' common stock to DuPont shareholders. As a result, Chemours is now an independent publicly traded company, trading under the symbol "CC" on the NYSE. The filing also outlines key agreements governing the post-separation relationship between DuPont and Chemours, including a Separation Agreement and a Tax Matters Agreement, which delineate responsibilities for tax liabilities and other operational aspects.
Key Highlights
- 1DuPont completed the separation of its Performance Chemicals segment by spinning off The Chemours Company (Chemours) on July 1, 2015.
- 2DuPont shareholders received one share of Chemours common stock for every five shares of DuPont common stock held as of June 23, 2015.
- 3Chemours commenced trading as an independent public company on the New York Stock Exchange under the ticker symbol "CC" on July 1, 2015.
- 4A Separation Agreement was entered into to govern the principal transactions and ongoing relationship between DuPont and Chemours.
- 5A Tax Matters Agreement was established to define the rights, responsibilities, and obligations regarding tax liabilities and benefits for both companies.
- 6DuPont will generally be responsible for pre-separation tax liabilities, while Chemours will be responsible for post-separation tax liabilities.
- 7Mark P. Vergnano resigned as Executive Vice President of DuPont in connection with the separation.