The Chemours Co. (Wilmington, DE) marked its planned spin-off from DuPont on July 1, 2015, by ringing the opening bell at the New York Stock Exchange (NYSE) on June 29.
DuPont announced the spin-off of its performance chemicals business last year, creating The Chemours Co. with a July 1, 2015, effective date. DuPont was pushed by investors for improved results, led by Nelson Peltz's activist investment fund Trian Fund Management LP, which pressed for DuPont to split, thus creating one company that focuses on agricultural and nutrition and another with industrial materials operations as its core business—DuPont Performance Polymers.
DuPont ended up spinning off the performance chemicals unit, which reports said made up about 20% of its revenue.
"As The Chemours Company, we will enjoy leading market positions in titanium technologies, fluoroproducts and chemical solutions, positions propelled and sustained by our commitment to technology, safer and more efficient processes, leading application development and world-class products and enabling ingredients," said Mark Vergnano, Executive Vice President, DuPont, and CEO designate of Chemours. "We will be a nimble and responsive corporation that will define our success by our customers' successes, as well as the value we bring to our shareholders. This is an exciting day for us all."
Vergnano rang the NYSE opening bell at 9:30 am ET on June 29, 2015.
The Chemours Company provides customers in a range of industries with products, application expertise and chemistry-based innovations. Chemours ingredients are found in plastics and coatings, refrigeration and air conditions, mining and oil refining operations and general industrial manufacturing. Its flagship products include prominent brands such as Teflon, TiPure, Krytox, Viton, Opteon and Nafion, said a DuPont release. Chemours has approximately 9,000 employees across 37 manufacturing sites serving more than 5,000 customers in North America, Latin America, Asia-Pacific and Europe.