DowDupont Sells Sustainable Solutions Business
DowDuPont Specialty Products is selling its DuPont Sustainable Solutions (DSS) business, creating an independent global management consultancy.
The new firm will be led and operated by DSS’s existing management and supported by Swiss investment group Gyrus Capital. Financial details were not disclosed.
Employing more than 600 consultants and subject matter experts worldwide, DSS provides consulting services to the oil & gas, chemicals/petrochemicals, mining and metals, and manufacturing industries.
DSS’s core areas of expertise include operational risk management, operational excellence and learning technologies, which it said will be enhanced by capabilities in digital transformation, data analytics and innovation to help companies accelerate improvements in safety and productivity.
“As client needs for a broader set of consulting services grow, the transition to an independent company will allow for increased flexibility to serve our clients and bring innovative solutions to market faster,” said Davide Vassallo, global managing director of DSS.
Maintaining a strong connection to its DuPont heritage, the new company will retain the rights to intellectual property related to the services it sells and will also have continued access to the DuPont Sustainable Solutions name, DuPont logo, knowledge, sites, capabilities and resources for an undisclosed period of time.
The deal is expected to finalize in July 2019, pending the completion of all closing conditions.
DowDuPont is separating its Specialty Products division as the merged group splits three ways. Specialty Products, which has $21 billion in pro forma revenues and $5.3 billion in pro forma operating EBITDA, will trade as DuPont when the spin-off takes place, due by Jun. 1, 2019.
The largest of the three segments, Materials Science, is due to be separated by the end of this quarter. It will adopt the Dow name.
The Agriculture division, which combines DuPont Crop Protection, Pioneer and Dow AgroSciences, will be renamed as Corteva Agriscience when it splits, also due by Jun.