DuPont plans $2 billion share buyback after spin off

Credit: REUTERS/BRENDAN MCDERMID

May 21 (Reuters) - DuPont said on Tuesday it plans to announce a $2 billion share repurchase program after separation from DowDupont DWDP.N on June 1.

DowDuPont, formed in 2017 by the $130 billion merger of chemical giants Dow Chemical and DuPont, is now in the process of splitting into three separate business units - Dow, DuPont and Corteva Agriscience.

Dow Inc DOW.N, which makes chemicals used in cosmetics, paints and packaging, was spun off on April 1. Corteva is set to be separated on June 1. The company produces corn, soybean, cotton sunflower seeds as well as insecticides and herbicides.

DuPont, which makes chemicals used in semiconductors, brake fluids and lubricants, plans to grow full-year organic revenue by 2% to 3% and adjusted operating core earnings by 3% to 5% as a separate entity.

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Shinjini Ganguli)

((Arundhati.Sarkar@thomsonreuters.com; +1 646 223 8780 Ext: 1524; Reuters Messaging: arundhati.sarkar.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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