WILMINGTON, Del., May 29, 2019 /PRNewswire/ -- Ed Breen, Executive Chairman-elect of future
DuPont, the premier innovation provider of value-added specialized
solutions that transform industries and everyday lives, will
present today at Bernstein's 35th Annual Strategic
Decisions Conference at 9 a.m. ET in New York.
In his presentation, Breen will reaffirm financial guidance for
the second quarter and full-year 2019 for the Specialty Products
Division of DowDuPont ("DuPont"). Consistent with the guidance
provided on May 2 with DowDuPont's
first quarter results, the division reiterates second quarter
guidance of down low-single digits for organic net sales and down
low-single digits for adjusted operating EBITDA. For the full year,
the division expects organic top line growth of 2 to 3 percent and
3 to 5 percent growth for adjusted operating EBITDA.
This morning DuPont also filed a Form 8-K with the U.S.
Securities & Exchange Commission announcing non-cash, pre-tax
charges in the approximate range of $800
million - $1,300 million in
the second quarter 2019 primarily related to impairment testing of
goodwill. The goodwill impairment is a result of revised financial
projections of the current Industrial Biosciences reporting unit
reflecting unfavorable market conditions, driven by slowed demand
in the biomaterials business unit which is moving to the Non-Core
segment effective June 1, 2019, and
challenging conditions in U.S. bioethanol markets. The impairment
does not impact DuPont's fiscal 2019 guidance.
DuPont invites investors to join a live webcast of the
presentation through the DowDuPont website. A replay will also be
available.
About DuPont, Specialty Products Division of
DowDuPont
DowDuPont Specialty Products, a division of
DowDuPont (NYSE: DWDP), 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. DowDuPont intends to separate its
Agriculture Division through the intended pro rata distribution of
the common stock of Corteva Inc. to its shareholders on
June 1, 2019. DowDuPont will continue
to hold the Specialty Products Division, as an independent,
publicly traded company and change its registered name to DuPont de
Nemours, Inc. which will be called DuPont. More information can be
found at www.dow-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.
Forward-looking statements by their nature address matters
that are, to varying degrees, uncertain, including statements about
the Corteva Distribution. Forward-looking statements, including
those related to DowDuPont's ability to complete, or to make any
filing or take any other action required to be taken to complete,
the Corteva Distribution, are not guarantees of future results and
are subject to risks, uncertainties and assumptions that could
cause actual results to differ materially from those expressed in
any forward-looking statements. Forward-looking statements also
involve risks and uncertainties, many of which that are beyond
DowDuPont's control. Some of the important factors that could cause
DowDuPont'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 Corteva Distribution and the April 1, 2019 distribution by DowDuPont of all of
the shares of common stock of Dow Inc. on a pro rata basis to the
holders of DowDuPont common stock (the "Dow Distribution"); (ii)
restrictions under intellectual property cross license agreements
entered into or to be entered into in connection with the Corteva
Distribution and the Dow Distribution; (iii) ability to receive
third-party consents required under the Separation Agreement
entered into in connection with the Corteva Distribution and the
Dow Distribution; (iv) non-compete restrictions under the
Separation Agreement entered into in connection with the Corteva
Distribution and the Dow Distribution; (v) the incurrence of
significant costs in connection with the Corteva Distribution and
the Dow Distribution, including increased costs from supply,
service and other arrangements that, prior to the Dow Distribution,
were between entities under the common control of DowDuPont; (vi)
risks outside the control of DowDuPont which could impact the
decision of the DowDuPont Board of Directors to proceed with the
Corteva Distribution, including, among others, global economic
conditions, instability in credit markets, declining consumer and
business confidence, fluctuating commodity prices and interest
rates, volatile foreign currency exchange rates, tax
considerations, other challenges that could affect the global
economy, specific market conditions in one or more of the
industries of the businesses proposed to be separated, and changes
in the regulatory or legal environment and the requirement to
redeem $12.7 billion of DowDuPont
notes if the Corteva Distribution is abandoned or delayed beyond
May 1, 2020; (vii) potential
liability arising from fraudulent conveyance and similar laws in
connection with the Corteva Distribution and/or the Dow
Distribution; (viii) disruptions or business uncertainty, including
from the Corteva Distribution, 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 DowDuPont common stock; (x) potential inability to access the
capital markets; (xi) uncertainties related to share buybacks
including board approval and costs, time and ability to
complete; and (xii) risks to DowDuPont'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 DowDuPont, adversely impact
demand or production; ability to discover, develop and protect new
technologies and to protect and enforce DowDuPont'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 DowDuPont'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 DowDuPont's or
Corteva'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. DowDuPont 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
DowDuPont's 2018 Annual Report on Form 10-K as modified by
DowDuPont's 2019 quarterly reports on Form 10-Q and current reports
on Form 8-K.
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SOURCE DuPont
