WILMINGTON, Del., March 8, 2021 /PRNewswire/ -- DuPont (NYSE:
DD) today announced that its Board of Directors approved a new
$1.5 billion share buyback program
which expires on June 30, 2022 ("2021
Share Buyback Program"). Under the 2021 Share Buyback Program,
shares of the Company's common stock may be repurchased
periodically in open market or privately negotiated transactions.
The actual timing, manner, number, and value of shares repurchased
under the program will be determined by management at its
discretion and will depend on a number of factors, including the
market price of DuPont's common stock, general market and economic
conditions, applicable requirements, and other business
considerations.
At December 31, 2020, the Company
had remaining authorization under its existing stock buyback plan
(the "2019 Share Buyback Program") to repurchase approximately
$1 billion in shares of the Company's
common stock. As discussed during its fourth quarter 2020 earnings
call on February 9, 2021, the Company
has resumed share repurchases under the 2019 Share Buyback Program
and intends to complete the remaining $1
billion in repurchases prior to the June 1, 2021 expiration of the 2019 Share Buyback
Program. After completion of the 2019 Share Buyback Program, the
Company expects to repurchase shares under the 2021 Share Buyback
Program, subject to management's discretion and the factors
discussed above.
About DuPont
DuPont (NYSE: DD) is a global innovation leader with
technology-based materials 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, construction, water, healthcare and worker safety.
More information about the company, its businesses and solutions
can be found at www.dupont.com. Investors can access information
included on the Investor Relations section of the website at
investors.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.
On April 1, 2019, the Company
completed the separation of the materials science business through
the spin-off of Dow Inc., ("Dow") including Dow's subsidiary The
Dow Chemical Company (the "Dow Distribution"). On June 1, 2019, the Company completed the
separation of the agriculture business through the spin-off of
Corteva, Inc. ("Corteva") including Corteva's subsidiary E. I. du
Pont de Nemours and Company ("EID"), (the "Corteva Distribution and
together with the Dow Distribution, the "DWDP Distributions").
On February 1, 2021 the Company
completed the divestiture of the Nutrition & Biosciences
("N&B") business to International Flavors & Fragrance Inc.
("IFF") in a Reverse Morris Trust transaction (the "N&B
Transaction") that resulted in IFF issuing shares to DuPont
stockholders.
On March 8, 2021, DuPont announced
entry into a definitive agreement to acquire the Laird Performance
Materials business, subject to regulatory approval and customary
closing conditions, (the "proposed Laird PM Acquisition").
Forward-looking statements address matters that are, to varying
degrees, uncertain and subject to risks, uncertainties and
assumptions, many of which that are beyond DuPont's control, that
could cause actual results to differ materially from those
expressed in any forward-looking statements. Forward-looking
statements are not guarantees of future results. Some of the
important factors that could cause DuPont's actual results to
differ materially from those projected in any such forward-looking
statements include, but are not limited to: (i) ability to achieve
expectations regarding the timing, completion, integration, and
accounting and tax treatments related to the proposed Laird
PM Acquisition; (ii) the ability to achieve expected benefits,
synergies and operating efficiencies in connection with the
proposed Laird PM Acquisition within the expected time frames or at
all or to successfully integrate the Laird Performance Materials
business; (iii) ability to achieve anticipated tax treatments in
connection with the N&B Transaction or the DWDP Distributions;
(iv) changes in relevant tax and other laws; (v) indemnification of
certain legacy liabilities of EID in connection with the Corteva
Distribution; (vi) risks and costs related to the performance
under and impact of the cost sharing arrangement by and between
DuPont, Corteva and The Chemours Company related to future eligible
PFAS costs; (vii) failure to effectively manage acquisitions,
divestitures, alliances, joint ventures and other portfolio
changes, including meeting conditions under the Letter
Agreement entered in connection with the Corteva Distribution,
related to the transfer of certain levels of assets and businesses;
(viii) uncertainty as to the long-term value of DuPont common
stock; (ix) risks and uncertainties related to the novel
coronavirus (COVID-19) and the responses thereto (such as voluntary
and in some cases, mandatory quarantines as well as shut downs and
other restrictions on travel and commercial, social and other
activities) on DuPont's business, results of operations, access to
sources of liquidity and financial condition which depend on highly
uncertain and unpredictable future developments, including, but not
limited to, the duration and spread of the COVID-19 outbreak, its
severity, the actions to contain the virus or treat its impact, and
how quickly and to what extent normal economic and operating
conditions resume; and (x) other risks to DuPont's business,
operations; each as further discussed in detail in and results of
operations as discussed in DuPont's annual report on Form
10-K for the year ended December 31,
2020 and its reports on Form 10-Q and Form 8-K. 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 or supply chain disruption, operational problems,
financial loss, legal liability to third parties and similar risks,
any of which could have a material adverse effect on DuPont'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. DuPont 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.
DuPont™, the DuPont Oval Logo, and all trademarks and service
marks denoted with ™, SM or ® are owned by affiliates of DuPont de
Nemours, Inc. unless otherwise noted.
For further information contact:
DuPont Investor Relations
Leland Weaver
302-999-2477
leland.weaver@dupont.com
DuPont Media Relations
Dan Turner
302-299-7628
daniel.a.turner@dupont.com
Investor Contacts:
Computershare (transfer agent)
+1-866-644-4129 (Toll-free; US + Canada only)
+1 201-680-6578 (Toll; outside US + Canada)
+1 800-231-5469 (Hearing Impaired)
DuPont Investor Relations:
+1 302-774-3034
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SOURCE DuPont