DuPont to spin-off refrigerants next year
USA: DuPont says it is on track to separate its Performance Chemicals business, which includes its refrigerant interests, in the middle of next year.
Initial Form 10 filing with the US Securities and Exchange Commission – a regulatory requirement when a public company issues a new class of stock through a spin-off – is expected to be made this December.
DuPont first revealed that it would execute a full separation of its Performance Chemicals segment last July.
Progress on the spin off was revealed during DuPont’s Q3 earnings announcement today. Segment sales of approximately $1.6bn were down 8% with slightly higher volumes in Chemicals and Fluoroproducts offset by lower volumes in Titanium Technologies.
Chemicals and Fluoroproducts, volumes were up about 2% with prices down 2% due primarily to competitive pressures. Lower prices in refrigerants were partially offset by strong demand for the company’s R1234yf refrigerant Opteon yf for automotive air conditioning, particularly in Europe.
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