LONDON—DuPont Performance Chemicals officially will spin off on July 1, a spokesman for the company has told European Rubber Journal, a sister publication of Rubber & Plastics News.
The Chemours Coimpany, the spokesman said, will supply the flouroelastomer brand Viton, among other businesses, including DuPont Titanium Technologies.
A DuPont spokeswoman said DuPont would continue to manufacture Kalrez perfluoroelastomer parts and Vamac ethylene acrylic elastomer.
“The company also still manufactures Neoprene (polychloroprene), but is in the process of divesting this business to Denka Performance Elastomer L.L.C.,” she said.
Chemours will be headed by Mark Vergnano, currently executive vice president of DuPont, responsible for businesses in the Performance Chemicals segment. Mark Newman will serve as senior vice president and chief financial officer.
Chemours will have approximately 9,100 employees, 37 production facilities in 12 countries, and will serve more than 5,000 customers worldwide.
In a new release on April 21, DuPont CEO Ellen Kullman said that the company expected the spin-off to return to shareholders “substantially all of” the approximately $4 billion of one-time dividend proceeds within 12 to 18 months of the separation.
“Following the separation, DuPont will be fully focused on three highly attractive strategic focus areas where our science and engineering capabilities can deliver the greatest value for shareholders,” she added.
In 2014, DuPont Performance Chemicals generated an operating income of $934 million on sales of $6,497 million.