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.
Frequently Asked Questions
The primary event reported is the completion of the separation of E. I. du Pont de Nemours and Company's (DuPont) Performance Chemicals segment into a new, independent public company named The Chemours Company (Chemours).
DuPont shareholders of record as of June 23, 2015, received one share of Chemours common stock for every five shares of DuPont common stock they held. DuPont provided cash in lieu of fractional shares.
Two key agreements were established: a Separation Agreement, which details the transactions and ongoing relationship, and a Tax Matters Agreement, which outlines responsibilities for tax liabilities, benefits, and filings for periods before and after the separation.
Generally, DuPont is responsible for U.S. federal, state, and local taxes reportable on consolidated returns that include both companies for periods ending on or before the separation date. Chemours is responsible for taxes imposed on Chemours and its subsidiaries for all tax periods, both before and after the distribution. Chemours will also indemnify DuPont against certain tax-related liabilities stemming from the distribution or specific actions by Chemours.