Chineme Okafor in Abuja
Multinational company, Dow has successfully completed its separation from DowDuPont. This is expected to ensure the entity becomes a more focused and streamlined material science company.
A statement from the company which was sent to THISDAY, indicated that the separation also included the distribution of Dow common stock, with each DowDuPont stockholder of record receiving one share of Dow common stock for every three shares of DowDuPont common stock held as of the close of business on March 21, 2019.
According to the company, with the development, Dow now better positioned to drive revenue growth and innovate for its customers, leveraging three advantaged building blocks of ethylene, propylene and silicones, to power one of the deepest chemistry sets in the industry.
It explained that this would also allow it launch out to become a global leader in three attractive consumer-driven segments of packaging, infrastructure and consumer care.
Dow, the statement added, has been in West Africa since 2012 with two main locations in Nigeria and Ghana. It also operates 38 manufacturing sites in 15 countries across Europe; Middle-East; Africa and India, and delivered pro forma net sales of $17.4 billion in 2018.
The statement quoted Jim Fitterling, who is the Chief Executive Officer (CEO) to have said that: “Today marks the beginning of a new and exciting chapter for Dow. The changes we have made to Dow’s portfolio, cost structure and mindset are significant.”
Fitterling, further explained that: “The new Dow is a more focused and streamlined company with a clear playbook to deliver long-term earnings growth and value creation for all stakeholders.
“Team Dow is well positioned to achieve our ambition of becoming the most innovative, customer-centric, inclusive and sustainable materials science company.
“We have all the tools in place to innovate more quickly, to operate more productively, and to invest more prudently to deliver value creating growth, higher returns and enhanced shareholder value.”
Also in the statement, the President and Chief Financial Officer (CFO) of the firm, Mr. Howard Ungerleider stated: “Today, we celebrate this milestone with our customers, communities, investors, and Team Dow. With our focused portfolio, streamlined cost structure, disciplined approach to capital allocation, and shareholder friendly capital return framework, the new Dow has the right capabilities and team to drive best-in-class operating and financial performance.”
The company’s Managing Director for West Africa, Edosa Obayagbona, equally said with the development, “the new Dow locally translates into a highly focused, more robust material science product portfolio leveraging expertise from the joint heritage of DowDupont, in support of our manufacturing and development aspirations in West Africa driven by customer centricity, collaboration, inclusion and sustainability.”