WILMINGTON, Del., June 3, 2019 /PRNewswire/ -- DuPont de
Nemours, Inc. ("DuPont") today announced that its board of
directors approved a $2 billion share
buyback program which expires on June 1,
2021. Under the stock buyback program, shares of the
company's common stock may be repurchased periodically in open
market or private transactions. The actual timing, number and value
of shares repurchased under the program will be determined by
management at its discretion and will depend on a number of
factors, including the market price of DuPont's common stock,
general market and economic conditions, applicable legal
requirements and other business considerations.
"I am pleased to announce that we have acted immediately upon
our stand up as an independent company to establish a share buyback
program," said Jeanmarie Desmond,
Chief Financial Officer of DuPont. "This action by our board
demonstrates our commitment to creating value for our shareholders
through a balanced financial policy."
The company also filed this morning DuPont pro forma financial
information reflecting the separation of both Dow and Corteva.
Additional segment-level pro forma financial information is
anticipated later this week.
DuPont will host a webcast on June 10,
2019, at 8:00 a.m. ET to
provide an overview of the pro forma financial information as well
as a bridge from our existing Specialty Products divisional
guidance for 2019 to total DuPont guidance for 2019.
Additionally, Desmond will review segment level pro forma
information which will include adjustments made to reflect
stand-alone company reporting as well as the creation of the
previously announced non-core segment. Investors and analysts are
invited to join the webcast via the link on the DuPont Investor
Relations page.
About DuPont
DuPont (NYSE: DD) is a global innovation
leader with technology-based materials, ingredients and solutions
that help transform industries and everyday life. Our employees
apply diverse science and expertise to help customers advance their
best ideas and deliver essential innovations in key markets
including electronics, transportation, building and construction,
health and wellness, food and worker safety. More information can
be found at www.dupont.com.
Cautionary Statement Regarding Forward Looking
Statements
This communication contains "forward-looking
statements" within the meaning of the federal securities laws,
including Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
In this context, forward-looking statements often address expected
future business and financial performance and financial condition,
and often contain words such as "expect," "anticipate," "intend,"
"plan," "believe," "seek," "see," "will," "would," "target," and
similar expressions and variations or negatives of these
words.
On April 1, 2019, the company
completed the separation of its materials science business into a
separate and independent public company by way of a pro rata
dividend-in-kind of all the then outstanding stock of Dow
Inc. (the "Dow Distribution"). The company completed the
separation of its agriculture business into a separate and
independent public company on June 1,
2019, by way of a pro rata dividend-in-kind of all the then
outstanding stock of Corteva, Inc. (the "Corteva
Distribution").
Forward-looking statements address matters that are, to
varying degrees, uncertain and subject to risks,
uncertainties and assumptions, many of which that are beyond
DowDuPont's control, that could cause actual results to differ
materially from those expressed in any forward-looking statements.
Forward-looking statements are not guarantees of future results.
Some of the important factors that could cause DuPont's actual
results to differ materially from those projected in any such
forward-looking statements include, but are not limited to: (i)
ability and costs to achieve all the expected benefits from the Dow
Distribution and the Corteva Distribution (together, the
"Distributions"); (ii) constraints on DuPont's ability to transfer
certain assets and businesses to third parties without taking
certain actions or meeting certain conditions under an agreement
entered in connection with the Corteva Distribution; (iii)
restrictions under intellectual property cross license agreements
entered into in connection with the Distributions; (iv) non-compete
restrictions under the Separation Agreement entered into in
connection with the Distributions; (v) the incurrence of
significant costs in connection with the Distributions, including
costs to service debt incurred by the company to establish the
relative credit profiles of Corteva, Dow and DuPont and
increased costs related to supply, service and other
arrangements that, prior to the Dow Distribution, were between
entities under the common control of DuPont; (vi) risks related to
indemnification obligations of Historical DuPont contingent
liabilities in connection with the Corteva distribution (vii)
potential liability arising from fraudulent conveyance and similar
laws in connection with the Distributions; (viii) disruptions or
business uncertainty, including from the Distributions, could
adversely impact DowDuPont's business or financial
performance and its ability to retain and hire key personnel; (ix)
uncertainty as to the long-term value of DuPont common stock; (x)
potential inability or reduced access to the capital markets
or increased cost of borrowings, including as a result of a credit
rating downgrade; (xi) uncertainties related to share buybacks
including board approval and costs, time and ability to
complete; and (xii) risks to DuPont's business, operations
and results of operations from: the availability of and
fluctuations in the cost of feedstocks and energy; balance of
supply and demand and the impact of balance on prices; failure to
develop and market new products and optimally manage product life
cycles; ability, cost and impact on business operations, including
the supply chain, of responding to changes in market acceptance,
rules, regulations and policies and failure to respond to such
changes; outcome of significant litigation, environmental matters
and other commitments and contingencies; failure to appropriately
manage process safety and product stewardship issues; global
economic and capital market conditions, including the continued
availability of capital and financing, as well as inflation,
interest and currency exchange rates; changes in political
conditions, including trade disputes and retaliatory actions;
business or supply disruptions; security threats, such as acts of
sabotage, terrorism or war, natural disasters and weather events
and patterns which could result in a significant operational event
for DuPont, adversely impact demand or production; ability to
discover, develop and protect new technologies and to protect and
enforce DuPont's intellectual property rights; failure to
effectively manage acquisitions, divestitures, alliances, joint
ventures and other portfolio changes; unpredictability and severity
of catastrophic events, including, but not limited to, acts of
terrorism or outbreak of war or hostilities, as well as
management's response to any of the aforementioned factors. These
risks are and will be more fully discussed in DuPont's current,
quarterly and annual reports and other filings made with the U.S.
Securities and Exchange Commission, in each case, as may be amended
from time to time in future filings with the SEC. While the list of
factors presented here is considered representative, no such list
should be considered to be a complete statement of all potential
risks and uncertainties. Unlisted factors may present significant
additional obstacles to the realization of forward-looking
statements. Consequences of material differences in results as
compared with those anticipated in the forward-looking statements
could include, among other things, business disruption, operational
problems, financial loss, legal liability to third parties and
similar risks, any of which could have a material adverse effect on
DuPont's consolidated financial condition, results of operations,
credit rating or liquidity. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. DuPont assumes no obligation to publicly provide
revisions or updates to any forward-looking statements whether as a
result of new information, future developments or otherwise, should
circumstances change, except as otherwise required by securities
and other applicable laws. A detailed discussion of some of the
significant risks and uncertainties which may cause results and
events to differ materially from such forward-looking statements is
included in the section titled "Risk Factors" (Part I, Item 1A) of
DuPont's 2018 Annual Report on Form 10-K as modified by DuPont's
2019 quarterly reports on Form 10-Q and current reports on Form
8-K.
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SOURCE DuPont