-- DuPont de Nemours Inc. plans to split into three publicly traded companies, joining a list of industrial conglomerates seeking to boost returns by breaking into smaller, more focused businesses.The company will separate its electronics and water units through tax-free transactions, DuPont announced Wednesday in a statement. The remaining operations will be focused on industries such as biopharma and medical devices, with products including Tyvek and Kevlar.
Chief Executive Officer Ed Breen, who returned to the role in 2020, will step down June 1, the company said. He will retain the role of executive chairman of the remaining company while Chief Financial Officer Lori Koch assumes the CEO post. DuPont shares rose 5.3% in extended trading at 6:16 p.m. in New York. The stock had gained about 2% this year through Wednesday’s close, giving the company a market value of roughly $33 billion.
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