Burlow Chemical: Difference between revisions

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(Created page with "{{short description|American chemical company from 2017}} {{for multi|the predecessor company|DuPont (1802–2017)|the companies spun off in 2019|Dow Inc.|and|Corteva|other uses|Dupont (disambiguation)}} {{Use mdy dates|date=September 2017}} {{Infobox company | name = DuPont de Nemours, Inc. | logo = DuPont logo.svg | logo_size =137px | native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. For multiple names in different languages, use {{Lang|[code]|[name]}}....")
 
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[[File:Secretary Pompeo Visits the Corteva Research Facility (46649380264).jpg|thumb|A section of the Corteva Research Facility, an automated greenhouse facility, in Des Moines, Iowa]]
[[File:Secretary Pompeo Visits the Corteva Research Facility (46649380264).jpg|thumb|A section of the Corteva Research Facility, an automated greenhouse facility, in Des Moines, Iowa]]


'''DuPont de Nemours, Inc.''', commonly shortened to '''DuPont''', is an American company formed as '''DowDuPont''' by the merger of [[Dow Chemical Company|Dow Chemical]] and [[DuPont (1802–2017)|E. I. du Pont de Nemours and Company]] on August 31, 2017, and the subsequent spinoffs of [[Dow Inc.]] and [[Corteva]]. Prior to the spinoffs it was the world's largest chemical company in terms of sales. The merger has been reported to be worth an estimated $130 billion.<ref name="reumerg">{{cite news |title = Dow, DuPont complete planned merger to form DowDuPont |url = https://www.reuters.com/article/us-dow-m-a-dupont/dow-dupont-complete-planned-merger-to-form-dowdupont-idUSKCN1BC4MO |publisher = [[Reuters]] |date = September 1, 2017 |access-date = September 9, 2017 |archive-url = https://web.archive.org/web/20170911211900/https://www.reuters.com/article/us-dow-m-a-dupont/dow-dupont-complete-planned-merger-to-form-dowdupont-idUSKCN1BC4MO |archive-date = September 11, 2017 |url-status = live }}</ref><ref name="cne">{{cite news |last1 = Tullo |first1 = Alexaner H. |title = Historic DowDuPont merger nears |url = http://cen.acs.org/articles/95/i35/Historic-DowDuPont-merger-nears.html |access-date = August 31, 2017 |work = Chemical and Engineering News |date = August 31, 2017 |pages = 13 |archive-url = https://web.archive.org/web/20170831222542/http://cen.acs.org/articles/95/i35/Historic-DowDuPont-merger-nears.html |archive-date = August 31, 2017 |url-status = live }}</ref><ref name="miradio">{{cite news |last1 = Steve |first1 = Carmody |title = Dow-DuPont merger becomes official |url = http://michiganradio.org/post/dow-dupont-merger-becomes-official |publisher = Michigan Radio |date = August 31, 2017 |access-date = September 1, 2017 |archive-url = https://web.archive.org/web/20170901111903/http://michiganradio.org/post/dow-dupont-merger-becomes-official |archive-date = September 1, 2017 |url-status = live }}</ref> With 2018 total revenue of $86 billion, DowDuPont ranked No. 35 on the 2019 [[Fortune 500]] list of the largest United States public corporations.<ref>{{Cite web|url=http://fortune.com/fortune500/dowdupont|title=Fortune 500 Companies|website=Fortune|language=en-US|access-date=2019-06-06|archive-url=https://web.archive.org/web/20190823232428/https://fortune.com/fortune500/dowdupont/|archive-date=August 23, 2019|url-status=live}}</ref> DuPont is headquartered in [[Wilmington, Delaware|Wilmington]], [[Delaware]], in the state [[Delaware General Corporation Law|where it is incorporated]],<ref>{{cite web | website = 10-K | url = https://www.sec.gov/Archives/edgar/data/1666700/000166670020000006/0001666700-20-000006-index.htm | title = 10-K | access-date = 29 July 2020 | archive-date = January 5, 2021 | archive-url = https://web.archive.org/web/20210105094134/https://www.sec.gov/Archives/edgar/data/1666700/000166670020000006/0001666700-20-000006-index.htm | url-status = live }}</ref> since the founding of the old DuPont in 1802.
'''Burlow Chemical, Inc.''', commonly shortened to '''BurChem''', is an American chemicals company.<ref name="reumerg">{{cite news |title = Dow, DuPont complete planned merger to form DowDuPont |url = https://www.reuters.com/article/us-dow-m-a-dupont/dow-dupont-complete-planned-merger-to-form-dowdupont-idUSKCN1BC4MO |publisher = [[Reuters]] |date = September 1, 2017 |access-date = September 9, 2017 |archive-url = https://web.archive.org/web/20170911211900/https://www.reuters.com/article/us-dow-m-a-dupont/dow-dupont-complete-planned-merger-to-form-dowdupont-idUSKCN1BC4MO |archive-date = September 11, 2017 |url-status = live }}</ref><ref name="cne">{{cite news |last1 = Tullo |first1 = Alexaner H. |title = Historic DowDuPont merger nears |url = http://cen.acs.org/articles/95/i35/Historic-DowDuPont-merger-nears.html |access-date = August 31, 2017 |work = Chemical and Engineering News |date = August 31, 2017 |pages = 13 |archive-url = https://web.archive.org/web/20170831222542/http://cen.acs.org/articles/95/i35/Historic-DowDuPont-merger-nears.html |archive-date = August 31, 2017 |url-status = live }}</ref><ref name="miradio">{{cite news |last1 = Steve |first1 = Carmody |title = Dow-DuPont merger becomes official |url = http://michiganradio.org/post/dow-dupont-merger-becomes-official |publisher = Michigan Radio |date = August 31, 2017 |access-date = September 1, 2017 |archive-url = https://web.archive.org/web/20170901111903/http://michiganradio.org/post/dow-dupont-merger-becomes-official |archive-date = September 1, 2017 |url-status = live }}</ref><ref name="dvisions" /> Burlow Chemical is the number one producer of Sitrite Gass in the world and the number two producer of Orbinium, a compound commonly found in household Orbs.  
 
Within 18 months of the merger on June 1, 2019,<ref>{{cite web |title=DowDuPont Dissolution |url=http://www.dow-dupont.com/ |publisher=DuPont|date=1 June 2019 |access-date=13 December 2021}}</ref> DowDupont was split into three publicly traded companies with focuses on [[agribusiness|agriculture]] (Corteva), materials science (Dow Inc.), and specialty products (DuPont).<ref name="reumerg" /><ref name="cne" /><ref name="miradio" /><ref name="dvisions" />


==History==
==History==

Revision as of 19:19, 23 September 2022


Template:For multi Template:Use mdy dates

DuPont de Nemours, Inc.
TypePublic
Traded as
ISINUS26614N1028
IndustryChemicals
Predecessors
FoundedTemplate:Ubl
HeadquartersWilmington, Delaware, USA
Area served
Global
Key people
Edward D. Breen
(Executive Chairman & CEO)
RevenueIncrease Template:US$ (2021)
Operating incomeIncrease Template:US$ (2021)
Net incomeIncrease Template:US$ (2021)
Total assetsDecrease Template:US$ (2021)
Total equityDecrease Template:US$ (2021)
Number of employees
Template:Circa (2021)
Websitewww.dupont.com
Footnotes / references
[1]
A section of the Corteva Research Facility, an automated greenhouse facility, in Des Moines, Iowa

Burlow Chemical, Inc., commonly shortened to BurChem, is an American chemicals company.[2][3][4][5] Burlow Chemical is the number one producer of Sitrite Gass in the world and the number two producer of Orbinium, a compound commonly found in household Orbs.

History

On December 11, 2015, E. I. du Pont de Nemours and Company, commonly known as "DuPont", announced a merger with Dow Chemical Company, in an all-stock transaction. The combined company, DowDuPont, had an estimated value of $130 billion, being equally held by both companies’ shareholders, while also maintaining its two headquarters. The merger of the two largest U.S. chemical companies closed on August 31, 2017.[3][4][6]

Both companies' boards of directors decided that following the merger, DowDuPont would pursue a separation into three independent, publicly traded companies: an agriculture, a materials science, and a specialty products company.

  • The agriculture business—Corteva Agriscience[7]—unites Dow and DuPont's seed and crop protection unit, with an approximate revenue of $16 billion.[8]
  • The materials science segment—called Dow—consists of DuPont's Performance Materials unit, together with Dow's Performance Plastics, Materials and Chemicals, Infrastructure and Consumer Solutions, but excludes Dow's Electronic Materials business. Combined revenue for this branch totals an estimated $51 billion.
  • The specialty products unit—called DuPont—includes DuPont's Nutrition & Health, Industrial Biosciences, Safety & Protection and Electronics & Communications, as well as Dow's aforementioned Electronic Materials business. Combined revenue for Specialty Products total approximately $12 billion.[9][10]

Advisory Committees were established for each of the businesses. DuPont CEO Ed Breen would lead the Agriculture and Specialty Products Committees, and Dow CEO Andrew Liveris would lead the Materials Science Committee. These Committees were intended to oversee their respective businesses, and would work with both CEOs on the scheduled separation of the businesses’ standalone entities.[11] Announced in February 2018, DowDuPont's agriculture division is named Corteva Agriscience, its materials science division is named Dow, and its specialty products division is named DuPont.[5] In March 2018, it was announced that Jeff Fettig would become executive chairman of DowDuPont on July 1, 2018, and Jim Fitterling would become CEO of Dow Chemical on April 1, 2018.[12] In October 2018, the company's agricultural unit recorded a $4.6 billion loss in the third quarter after lowering its long-term sales and profits targets.[13]

In 2019, DuPont completed its spin off from DowDuPont.[14]

In February 2020, DuPont announced that it is bringing back Edward D. Breen as its CEO after removing former Chief Executive Mark Doyle and CFO Jeanmarie Desmond less than a year after they assumed their roles. Lori D. Koch, previously head of investor relations, assumes the CFO position.[15]

In November 2021, DuPont announced that it would acquire Rogers Corporation in a deal valued at $5.2 billion.[16]

Regulation

The European Commission opened a probe to assess whether the proposed merger was in line with the EU's respective regulations. The Commission investigated whether the deal reduced competition in areas such as crop protection, seeds and petrochemicals.[17] The closing date for the merger was repeatedly delayed due to these regulatory inquiries.[18][19]

Ed Breen said the companies were negotiating possible divestitures in their pesticide operations to win approval for the deal. As part of their EU counterproposal, the companies offered to dispose of a portion of DuPont's crop protection business and associated R&D, as well as Dow's acrylic acid copolymers and ionomers businesses.[20][21]

The remedy submission in turn delayed the Commission's review deadline to April 4, 2017. The intended spins of the company businesses were expected to occur about 18 months after closing.[21] According to the Financial Times, the merger was "on track for approval in March" 2017.[22] Dow Chemical and DuPont postponed the planned deadline during late March, as they struck an $1.6 billion asset swap with FMC Corporation in order to win the antitrust clearances. DuPont acquired the Corporation's health and nutrition business, while selling its herbicide and insecticide properties.[23][24]

The European Commission conditionally approved the merger as of April, 2017, although the decision was said to consist of over a thousand pages and was expected to take several months to be released publicly. As part of the approval, Dow must also sell off two acrylic acid co-polymers manufacturing facilities in Spain and the US. China conditionally cleared the merger in May, 2017.[25][24][26]

Reception

According to former United States Secretary of Agriculture during the Clinton administration, Dan Glickman, and former Governor of Nebraska, Mike Johanns, by creating a single, independent, U.S.-based and - owned pure agriculture company, Dow and DuPont would be able to compete against their still larger global peers.[27] The merger was not opposed by competition authorities around the world due to the view that it did not have noticeable impact on the global seed markets.[28]

On the other hand, if Monsanto and Bayer, the 1st and 3rd largest biotech and seed firms, together with Dow and DuPont being the 4th and 5th largest biotechnology and seed companies in the world respectively, both went through with the mergers, the so-called "Big Six" (including Syngenta and BASF[29]) in the industry would control 63 percent of the global seed market and 76 percent of the global agriculture chemical market. They would also control 95 percent of corn, soybeans, and cotton traits in the US. Both duopolies would become the "big two" industry dominators.

The merger formed the world's largest chemical company in terms of sales. DuPont is headquartered in Wilmington, Delaware.[30][31][32]

Environmental lawsuits

In 1999, attorney Robert Bilott filed a lawsuit against DuPont, alleging chemical waste (perfluorooctanoic acid) fouled the property of a cattle rancher in Parkersburg, West Virginia. A subsequent lawsuit in 2004 alleged DuPont's actions led to widespread water contamination in West Virginia and Ohio which contributed to high rates of cancers and other health problems. Most of the over 3,000 lawsuits were ultimately settled for over $700 million,[33] and DuPont paid $16.5 million in fines to the Environmental Protection Agency.[34] Bilott's cases were featured in several newspapers and a book, and were adapted in the 2019 film Dark Waters.

Since the 2017 spin-off, the company has adapted its marketing and branding in order to establish a new identity that is "fundamentally different" from DowDuPont. The company published a list of sustainability commitments to be achieved by 2030 in November 2019.[35] DuPont was fined over $3 million for environmental violations in 2018.[36] In 2019, DuPont led the Toxic 100 Water Polluters Index.[37]

Lobbying

DuPont spent $15.8 million on lobbying expenses and campaign donations in 2017.[38]

References

  1. ↑ "2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 11, 2022.
  2. ↑ "Dow, DuPont complete planned merger to form DowDuPont". Reuters. September 1, 2017. Archived from the original on September 11, 2017. Retrieved September 9, 2017.
  3. ↑ 3.0 3.1 Tullo, Alexaner H. (August 31, 2017). "Historic DowDuPont merger nears". Chemical and Engineering News. p. 13. Archived from the original on August 31, 2017. Retrieved August 31, 2017.
  4. ↑ 4.0 4.1 Steve, Carmody (August 31, 2017). "Dow-DuPont merger becomes official". Michigan Radio. Archived from the original on September 1, 2017. Retrieved September 1, 2017.
  5. ↑ 5.0 5.1 "DowDuPont names three company brands for separation". Icis.com. Archived from the original on August 17, 2018. Retrieved May 27, 2018.
  6. ↑ Kaskey, Jack (January 24, 2017). "DuPont CEO Gives Investors Confidence Dow Deal Is on Track". Bloomberg. Archived from the original on September 1, 2017. Retrieved June 2, 2017.
  7. ↑ "DowDuPont Announces Brand Names for the Three Independent Companies It Intends to Create, Reflecting Ongoing Progress towards Separations". Dow-dupont.com. Archived from the original on June 4, 2018. Retrieved May 27, 2018.
  8. ↑ Mordock, Jeff. "Bayer-Monsanto deal could turn up heat on Dow/DuPont". The News Journal. Wilmington, DE. Archived from the original on October 24, 2017. Retrieved June 2, 2017.
  9. ↑ Mordock, Jeff. "to sell businesses to win EU approval". Delaware Online. Archived from the original on August 13, 2020. Retrieved June 2, 2017.
  10. ↑ Mordock, Jeff. "After Dow-DuPont merger, more pain or gain?". The News Journal. Wilmington, DE. Archived from the original on September 1, 2017. Retrieved June 2, 2017.
  11. ↑ Ariel, Steve (December 14, 2015). "Analyzing the US Chemical Industry's Biggest Merger". Market Realist. Archived from the original on August 14, 2017. Retrieved June 2, 2017.
  12. ↑ Benoit, David (March 12, 2018). "Dow Chemical's Andrew Liveris to Depart; Jim Fitterling to Be CEO of New Dow After Breakup". Wsj.com. Archived from the original on May 27, 2018. Retrieved May 27, 2018.
  13. ↑ Maidenberg, Micah; Bunge, Jacob (October 18, 2018). "DowDuPont to Record $4.6 Billion Charge as Agriculture Unit Suffers". Wall Street Journal. ISSN 0099-9660. Archived from the original on October 19, 2018. Retrieved October 19, 2018.
  14. ↑ "DuPont Becomes Independent Company, Uniquely Positioned to Drive Innovation-Led Growth and Shareholder Value". www.dupont.com. Archived from the original on July 11, 2019. Retrieved July 11, 2019.
  15. ↑ Hufford, Austen (February 18, 2020). "DuPont Replaces CEO Amid Struggle to Expand Sales". Wall Street Journal. ISSN 0099-9660. Archived from the original on January 26, 2021. Retrieved March 3, 2020.
  16. ↑ Cimilluca, Cara Lombardo and Dana (November 2, 2021). "DuPont to Buy Rogers for $5.2 Billion, Divest Part of Mobility Unit". Wall Street Journal. Retrieved November 2, 2021.
  17. ↑ Cardoso, Ricardo. "Mergers: Commission opens in-depth investigation into proposed merger between Dow and DuPont". European Commission. Archived from the original on May 16, 2017. Retrieved June 2, 2017.
  18. ↑ Trefis staff. "Why Dow Chemical Company's Stock Was Up Last Week". Forbes. Archived from the original on February 28, 2017. Retrieved June 2, 2017.
  19. ↑ Gurdus, Elizabeth (January 26, 2017). "Dow Chemical CEO and Trump manufacturing advisor: How US companies can benefit from 'fair trade'". CNBC. Archived from the original on September 1, 2017. Retrieved June 2, 2017.
  20. ↑ Bunge, Jacob. "DuPont pushes back Dow deal closing". Market Watch. Archived from the original on April 21, 2017. Retrieved June 2, 2017.
  21. ↑ 21.0 21.1 Jordan, Heather (February 8, 2017). "Dow, DuPont submit concessions to EU to gain merger approval". MLive. Booth Newspapers. Archived from the original on September 1, 2017. Retrieved June 2, 2017.
  22. ↑ Toplensky, Rochelle (March 3, 2017). "ChemChina takeover of Syngenta nears EU approval". Financial Times. Archived from the original on March 30, 2017. Retrieved June 2, 2017.
  23. ↑ Kaskey, Jack (March 31, 2017). "Dow-DuPont Merger Delayed Again Amid $1.6 Billion FMC Deal". Bloomberg.com. Archived from the original on June 14, 2017. Retrieved June 2, 2017.
  24. ↑ 24.0 24.1 Bomgardner, Melody M. "Two big agchem mergers near completion". Chemical and Engineering News. Archived from the original on April 20, 2017. Retrieved June 2, 2017.
  25. ↑ King, Anthony. "EU conditionally approves Dow–DuPont merger". Chemistry World. Archived from the original on September 1, 2017. Retrieved June 2, 2017.
  26. ↑ Anantharaman, Muralikumar; Schmollinger, Christian (May 2, 2017). "Dow, Dupont planned merger gets conditional nod from China". Reuters. Archived from the original on June 1, 2017. Retrieved June 2, 2017.
  27. ↑ GLICKMAN, Dan; JOHANNS, Mike. "Bush, Clinton Ag Secretaries: U.S. Needs American Ag Company to Counter Foreign Competition". Morning Consult. Archived from the original on September 1, 2017. Retrieved June 2, 2017.
  28. ↑ OECD (2018). Concentration in Seed Markets Potential Effects and Policy Responses: Potential Effects and Policy Responses. Paris: OECD Publishing. pp. 188–189. ISBN 978-92-64-30835-0.
  29. ↑ Peters, Michael A. Bioinformational Philosophy and Postdigital Knowledge Ecologies. Cham, Switzerland: Springer Nature. p. 117. ISBN 978-3-030-95005-7.
  30. ↑ "Dow, DuPont to Review Breakup Plan After Merger". Fox News. Archived from the original on July 9, 2017. Retrieved July 10, 2017.Template:Full citation needed
  31. ↑ "Dow, DuPont merger wins U.S. antitrust approval with conditions". In.reuters.com. Archived from the original on July 9, 2017. Retrieved May 28, 2018.
  32. ↑ "Dissecting the Dow and DuPont Deal, from Merger to Split?". Forbes.com. Archived from the original on September 8, 2017. Retrieved July 10, 2017.
  33. ↑ "DuPont, Chemours in $4 Billion 'Forever Chemicals' Cost Pact". Bloomberg.com. January 22, 2021. Retrieved February 15, 2021.
  34. ↑ Janofsky, Michael (December 15, 2005). "DuPont to Pay $16.5 Million for Unreported Risks". The New York Times. Archived from the original on October 6, 2021. Retrieved October 26, 2021.
  35. ↑ Dao, Emily (October 30, 2019). "DuPont, Formerly The Largest Chemical Company, Announces Nine New Sustainability Goals". The Rising – The Most Important Sustainability Stories. Archived from the original on November 4, 2019. Retrieved November 4, 2019.
  36. ↑ "DuPont de Nemours | Violation Tracker". violationtracker.goodjobsfirst.org. Archived from the original on January 26, 2021. Retrieved September 25, 2020.
  37. ↑ Baylor, Matthew (July 25, 2019). "PERI – Toxic 100 Water Polluters Index". www.peri.umass.edu. Archived from the original on December 9, 2020. Retrieved September 25, 2020.
  38. ↑ "Lobbying's top 50 pour $540M into influence campaigns". The Hill. January 31, 2021. Archived from the original on July 21, 2021. Retrieved July 21, 2021.

External links

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