23 July 2013 13:32 [Source: ICIS news]
HOUSTON (ICIS)--DuPont is realigning its executive team as it works to become a less cyclical company and explores “strategic alternatives” for its performance chemicals segment, including a possible spin-off of that business, the US-based chemicals and sciences major said on Tuesday.
DuPont said that James Collins, who currently leads the Industrial Biosciences business, will become senior vice-president, reporting to CEO Ellen Kullman, to oversee the Industrial Biosciences, Performance Polymers and Packaging & Industrial Polymers businesses.
Matthew Trerotola will re-join DuPont and report to Kullman as senior vice-president with responsibility for Protection Technologies, Building Innovations, and Sustainable Solutions businesses, the company said. Trerotola most recently was vice-president and group executive of life sciences for Danaher Corporation.
DuPont added that strategic alternatives for its Performance Chemicals segment may include a full or partial separation of each of these businesses from the company through a spin-off, sale or other transaction. The segment includes Titanium Technologies and Chemicals & Fluoroproducts businesses, which generated total sales of $7.2bn (€5.5bn) in 2012.
“DuPont may pursue a different strategic alternative for each business”, it said.
Earlier on Tuesday, DuPont reported a 12% year-on-year decline in second-quarter net income, mainly because of lower titanium dioxide (TiO2) prices.
($1 = €0.76)
Additional reporting by Tom Brown
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