杜邦公司宣布计划分拆为三家独立的上市公司

免税分离造就了独立、专注的电子和水务公司，这些公司在各自的行业中都是全球领导者新杜邦公司将继续是一家拥有行业领先品牌和解决方案的一流多元化工业公司重申2024年第二季度和全年净销售额、营业税息税折旧摊销前利润和调整后每股收益财务指导公司将于美国东部时间2024年5月23日星期四上午8:00与投资者举行电话会议

特拉华州威尔明顿，2024年5月22日/PRNewswire/-杜邦公司（NYSE:DD）今天宣布计划将其拆分为三家不同的上市公司。根据该计划，杜邦公司将以向股东免税的方式执行其电子和水务业务的拟议分离，新杜邦公司将在分离完成后继续作为首要的多元化工业公司。作为独立实体，电子和水务都将受益于各自行业的专注度和灵活性的提高。分离后，这三家公司都将拥有强大的资产负债表、有吸引力的财务状况和引人注目的增长机会。

作为领先的独立公司，每个企业都有望受益于：

调整资本配置策略以实现差异化战略增长目标的能力增强了追求投资组合增强型并购的战略灵活性对不同投资者群体有吸引力的投资组合独特的董事会和管理团队由在每个特定行业推动价值创造的世界级领导者组成

杜邦执行主席兼首席执行官Ed Breen表示：“这是一个非凡的机会，可以通过创建三家强大的、行业领先的公司来实现长期、可持续的股东价值。”。“三方分离将为股东和客户释放增量价值，也为员工创造新的机会。至关重要的是，每家公司都将有更大的灵活性来追求自己专注的增长战略，包括加强投资组合的并购。”

三家领先的独立公司概述

新杜邦：一家拥有标志性品牌和解决方案组合的多元化工业公司新杜邦将成为一家领先的多元化工业企业，拥有深厚的材料科学和应用工程专业知识、行业领先的创新、顶级制造能力以及特卫强®、凯夫拉®和诺美克斯®等标志性品牌。新杜邦将在快速增长的医疗保健终端市场拥有强大的影响力，包括生物制药耗材、医疗器械和医疗包装的应用。该公司还将成为关键技术的领先供应商，实现先进的移动，特别是在电动汽车中。最后，新杜邦公司将继续提供先进的解决方案，服务于安全、建筑、航空航天和其他工业终端市场。

新杜邦将由水与保护部门的现有业务（不包括水解决方案）、工业解决方案部门的大多数业务（包括医疗保健）以及企业报告的保留业务（包括粘合剂）组成。2023年，这些业务产生了约66亿美元的净销售额和约24%的营业EBITDA利润率。

新杜邦预计将继续提供强劲的利润率，产生强劲的现金流，并将拥有与当前杜邦类似的平衡财务政策，包括投资增长机会的能力。

电子：包括半导体解决方案和先进电子产品在内的电子材料的全球领导者电子公司将成为差异化电子材料的领先全球供应商，包括半导体芯片制造中使用的关键耗材，以及实现可靠信号完整性、电源管理和热管理的先进电子材料。在人工智能、高速连接、智能和自动驾驶汽车以及物联网等巨大趋势增长驱动因素的高性能计算需求的推动下，该公司将处于捕捉半导体行业增长的有利地位。

电子产品将包括现有的半导体技术和互连解决方案业务线，以及工业解决方案的电子相关产品线。2023年，这些业务产生了约40亿美元的净销售额和约29%的营业EBITDA利润率。

电子产品将专注于基于创新的增长。凭借强劲的现金流生成，电子公司将处于有利地位，能够追求持续的有机增长举措，并具有追求无机增长机会的灵活性。

水：拥有领先过滤技术的综合水解决方案提供商水将成为全球技术领导者，拥有全面的水过滤和净化解决方案组合，在反渗透、离子交换和超滤领域拥有领先技术。其解决方案提供了关键组件和系统，可在各种细分市场中产生清洁且适用的水，包括工业用水和能源、生命科学和专业、市政和海水淡化以及住宅和商业。

水务将由杜邦公司目前的水务解决方案业务线组成，该业务线在2023年产生了约15亿美元的净销售额和约24%的营业EBITDA利润率（1）。

凭借盈利增长和强劲的现金产生，Water将通过对业务的持续投资以及潜在的无机增长机会，推动盈利增长。

（1） 以杜邦分部报告为基础，仅供参考，不应被视为假设完成分离交易的未来公司独立经营业绩的指标。有关更多信息，请参阅非公认会计原则财务指标。

分离事务详细信息

出于美国联邦所得税的目的，杜邦公司希望以对杜邦公司股东免税的方式执行电子和水务的拟议分离。

杜邦公司预计将在18至24个月内完成分离。分离交易不需要股东投票，且须满足惯例条件，包括杜邦董事会的最终批准、收到法律顾问的税务意见、向美国证券交易委员会提交表格10注册声明并使其生效、适用的监管批准以及圆满完成融资。

预计这三家公司都将拥有强大的资产负债表，并将进行资本化，以提供财务灵活性，利用未来的增长机会。新杜邦预计将维持其投资级信用评级。

领导力更新

在今天发布的另一份新闻稿中，杜邦公司宣布了以下领导层任命，自2024年6月1日起生效：

现任首席财务官Lori Koch被任命为首席执行官，接替Ed Breen，后者将继续担任执行主席。现任杜邦水与保护部门首席财务官Antonella Franzen被任命为首席财务官。

完成分离后，Lori Koch和Antonella Franzen将继续担任新杜邦各自的职位。额外行政领导层和董事会任命的具体情况预计将在各自离职前公布。

与计划离职相关的其他信息已在杜邦公司投资者关系网站的活动和演示页面上发布的补充演示中提供。

2024年财务展望

杜邦重申其2024年5月1日提供的净销售额、营业税息折旧及摊销前利润和调整后每股收益的2024年第二季度和全年财务指导，作为其第一季度盈利报告的一部分。

顾问

Centerview Partners LLC和Goldman Sachs&Co.LLC担任杜邦的财务顾问。Skadden，Arps，Slate，Meagher&Flom LLP担任法律顾问。

电话会议详细信息

杜邦公司将于美国东部时间2024年5月23日星期四上午8:00召开电话会议，讨论该公告。该活动将进行网络直播，可在杜邦公司的投资者关系页面上访问。重播以及电话会议的演示文稿也将发布到网站上。电话会议的拨入号码是800-715-9871，在美国境内免费，或+1-646-307-1963。会议ID为5183725。

关于杜邦杜邦（NYSE:DD）是一家全球创新领导者，其技术材料和解决方案有助于改变行业和日常生活。我们的员工运用多样化的科学和专业知识，帮助客户在电子、交通、建筑、水务、医疗保健和工人安全等关键市场提出最佳想法并提供重要创新。有关该公司、其业务和解决方案的更多信息，请访问www.dupont.com。投资者可以访问Investors.dupont..com网站投资者关系部分的信息。

除非另有说明，否则杜邦™和所有标有™、SM或®的产品均为股份有限公司杜邦公司附属公司的商标、服务标志或注册商标。

Cautionary Statement about 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, "outlook," "stabilization," "confident," "preliminary," "initial," and similar expressions and variations or negatives of these words. All statements, other than statements of historical fact, are forward-looking statements, including statements regarding outlook, expectations and guidance. 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) the ability of DuPont to effect the separation transactions described above and to meet the conditions related thereto; (ii) the possibility that the separation transactions will not be completed within the anticipated time period or at all; (iii) the possibility that the separation transactions will not achieve their intended benefits; (iv) the impact of the separation transactions on DuPont's businesses and the risk that the separations may be more difficult, time-consuming or costly than expected, including the impact on DuPont's resources, systems, procedures and controls, diversion of management's attention and the impact and possible disruption of existing relationships with customers, suppliers, employees and other business counterparties; (v) the possibility of disruption, including disputes, litigation or unanticipated costs, in connection with the separation transactions; (vi) the uncertainty of the expected financial performance of DuPont or the separated companies following completion of the separation transactions; (vii) negative effects of the announcement or pendency of the separation transactions on the market price of DuPont's securities and/or on the financial performance of DuPont; (viii) the ability to achieve anticipated capital structures in connection with the separation transactions, including the future availability of credit and factors that may affect such availability; (ix) the ability to achieve anticipated credit ratings in connection with the separation transactions; (x) the ability to achieve anticipated tax treatments in connection with the separation transactions and completed and future, if any, divestitures, mergers, acquisitions and other portfolio changes and the impact of changes in relevant tax and other laws; (xi) risks and uncertainties related to the settlement agreement concerning PFAS liabilities reached June 2023 with plaintiff water utilities by Chemours, Corteva, EIDP and DuPont; (xii) risks and costs related to each of the parties respective performance under and the impact of the arrangement to share future eligible PFAS costs by and between DuPont, Corteva and Chemours, including the outcome of any pending or future litigation related to PFAS or PFOA, including personal injury claims and natural resource damages claims; the extent and cost of ongoing remediation obligations and potential future remediation obligations; changes in laws and regulations applicable to PFAS chemicals; (xiii) indemnification of certain legacy liabilities; (xiv) the failure to realize expected benefits and effectively manage and achieve anticipated synergies and operational efficiencies in connection with the separation transactions and completed and future, if any, divestitures, mergers, acquisitions, and other portfolio management, productivity and infrastructure actions; (xv) the risks and uncertainties, including increased costs and the ability to obtain raw materials and meet customer needs from, among other events, pandemics and responsive actions; (xvi) timing and recovery from demand declines in consumer-facing markets, including in China; (xvii) adverse changes in worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions; and other factors beyond DuPont's control, including inflation, recession, military conflicts, natural and other disasters or weather-related events, that impact the operations of the company, its customers and/or its suppliers; (xviii) the ability to offset increases in cost of inputs, including raw materials, energy and logistics; (xix) the risks associated with demand and market conditions in the semiconductor industry and associated end markets, including from continuing or expanding trade disputes or restrictions, including on exports to China of U.S.-regulated products and technology; (xx) the risks, including ability to achieve, and costs associated with DuPont's sustainability strategy, including the actual conduct of the company's activities and results thereof, and the development, implementation, achievement or continuation of any goal, program, policy or initiative discussed or expected; (xxi) other risks to DuPont's business and operations, including the risk of impairment; (xxii) the possibility that the Company may fail to realize the anticipated benefits of the billion share repurchase program announced on February 6, 2024 and that the program may be suspended, discontinued or not completed prior to its termination on June 30, 2025; and (xxiii) other risk factors discussed in DuPont's most recent annual report and subsequent current and periodic reports filed with the U.S. Securities and Exchange Commission. 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.

非公认会计原则财务指标本通信包括不符合美国公认会计原则（“美国公认会计准则”）且被视为非公认会计准则指标的信息。管理层在内部使用这些措施来规划、预测和评估公司的绩效，包括分配资源。杜邦管理层认为，这些非GAAP财务指标对投资者有用，因为它们提供了与杜邦持续业绩相关的额外信息，从而提供了与未来经营成果相关的更有意义的比较。这些非GAAP财务指标补充了根据美国GAAP编制的披露，不应被视为美国GAAP的替代品。此外，此类非GAAP指标可能与其他公司提供或使用的类似指标不一致。非公认会计原则指标与美国公认会计原则的对账在杜邦公司网站投资者部分的非公认会计准则指标对账中提供。本通信中提及的非GAAP指标定义如下。杜邦公司没有提供前瞻性的美国公认会计准则财务指标，也没有在前瞻性的基础上将前瞻性的非公认会计准则的财务指标与最具可比性的美国通用会计准则财务措施进行对账，因为该公司无法合理确定地预测某些未来事件的最终结果。这些事件包括投资组合变化的影响，包括分离交易、资产出售、合并、收购和资产剥离；与诉讼、环境和赔偿事项有关的或有负债；减值和离散税收项目。这些项目是不确定的，取决于各种因素，可能会对指导期内的美国公认会计准则结果产生重大影响。我们鼓励投资者全面审查我们的财务报表和公开提交的报告，不要依赖任何单一的财务指标。

出于分部报告的目的，杜邦公司的利润/亏损衡量标准是运营EBITDA，因为这是公司首席运营决策者（“CODM”）评估业绩和分配资源的方式。该公司将营业税息折旧及摊销前利润定义为利息、折旧、摊销、非经营性养老金/OOPEB福利/费用和外汇损益前的收益（即“所得税前持续经营收入”），并对重要项目进行调整。

营业EBITDA利润率定义为营业EBITDA除以净销售额。

重大项目是指在公司正常业务过程之外出现的项目，管理层认为，基于项目的部分或全部规模、不寻常性质和罕见情况的组合，这些项目可能会导致对基本业务业绩的误解，包括历史业绩和未来业绩。管理层将与转型收购和资产剥离相关的整合和分离活动相关的某些成本和支出归类为重大项目，因为这些成本和支出被认为与持续经营业绩无关。

与新杜邦公司、电子公司和水务公司相关的净销售额和营业EBITDA利润率的讨论与杜邦公司的分部报告基于相同的基础，并反映了未来每家公司将包含的业务的总体结果。杜邦公司在公司和其他范围内的公司费用不包括在这些财务披露中。以这种方式提出这些指标仅供参考，不应被视为假设完成分离交易的每个未来公司独立经营业绩的指标。

自2024年1月1日起生效，电子与工业重新调整了构成其业务部门的某些产品线（工业解决方案、互连解决方案和半导体技术）。此次调整并未导致电子和工业部门的总净销售额发生变化。

来源：杜邦