Extrusion International 1-2016

21 / 46

Extrusion International 1/2016 21
DuPont (NYSE:DD) and The Dow Chemical Company
(NYSE:DOW) announced that their boards of directors unani-
mously approved a definitive agreement under which the com-
panies will combine in an all-stock merger of equals. The
combined company will be named DowDuPont. The parties in-
tend to subsequently pursue a separation of DowDuPont into
three independent, publicly traded companies through tax-free
spin-offs. This would occur as soon as feasible, which is expec-
The DuPont-Dow Chemical Merger
ted to be 18-24 months following the closing of the merger,
subject to regulatory and board approval.
The companies will include a leading global pure-play Agriculture
company; a leading global pure-play Material Science company;
and a leading technology and innovation-driven Specialty Pro-
ducts company. Each of the businesses will have clear focus, an
appropriate capital structure, a distinct and compelling invest-
ment thesis, scale advantages, and focused investments in in-
novation to better deliver superior solutions and choices for
customers.
Upon closing of the transaction, the combined company would
be named DowDuPont and have a combined market capitaliza-
tion of approximately $130 billion at announcement. Under the
terms of the transaction, Dow shareholders will receive a fixed
exchange ratio of 1.00 share of DowDuPont for each Dow share,
and DuPont shareholders will receive a fixed exchange ratio of
1.282 shares in DowDuPont for each DuPont share. Dow and
DuPont shareholders will each own approximately 50 percent of
the combined company, on a fully diluted basis, excluding pre-
ferred shares.
The transaction is expected to deliver approximately $3 billion in
cost synergies, with 100 percent of the run-rate cost synergies
achieved within the first 24 months following the closing of the
transaction. Additional upside of approximately $1 billion is ex-
pected from growth synergies.
With the beginning of the New Year Michael Hecht began his self-employment, draw-
ing form over 35 years of experience in the field of thickness and basis-weight measure-
ment and 23 years as Managing Director in a leading company. Hecht Solutions is a
supplier neutral consulting company, specialized in measurement technology for all flatly
produced materials. The main focus of his consulting expertise is on the field of thickness
and basis-weight measurement as well as on inspection systems for different surfaces.
Hecht Solutions handles the important and time-consuming task to find customer-fit mea-
surement systems which are precisely tailored to the production requirements, for the de-
cision-makers of this field. “Often, systems are purchased which appear to meet the
requirements at first, yet miss essential features in later applications”, explains company
owner and Managing Director Michael Hecht. He is able to meet customer’s individual wis-
hes and requirements and find precisely tailored offers with a supplier neutral sight, due
to his many years of experience and his profound know-how about the entire portfolio
of sensors as well as systems available on the market. This means not only a considera-
ble time-saving for customers, but also a significant economic advantage.
Hecht Solutions
finds the right measurement system
Michael Hecht