January 13, 2016
Scholars, shareholders, the newly separated, and the long-frustrated have plenty to say about cuts to the central research and business units at DuPont Co. by new CEO Edward Breen . Some highlights: "DuPont struggled with return on R&D over the years," notes Ben duPont , a shareholder and past manager at the chemical giant that bears his ancestor's name. "For 40 years, like a drumbeat, every few years DuPont introduced a new blockbuster product - nylon, Teflon, Tyvek, Delrin, Kevlar, Lycra, Kapton, Neoprene, Mylar . " (They weren't all blockbusters; duPont still has a pair of Corfam shoes - the Edsel of leather.)
January 11, 2016
The gang now running DuPont Co. , that incubator of 20th-century U.S. industry, is scrapping many of its Wilmington headquarters institutions, as if they were old Rust Belt factories. Glowing paints and super plastics, miracle fabrics and insulators, electronics and fuel additives and their often toxic by-products are just a few of DuPont's highlights. Its science and engineering created that new-car smell, the snug and cleanable feel of a mass-marketed American home, and the security and menace of a fully equipped American soldier.
January 1, 2016 |
For the first time, global corporate dealmaking topped $5 trillion this year as companies paid dearly for growth in a slow economy. The total represented a 37 percent increase from 2014, according to financial data firm Dealogic. That was thanks to a large number of megadeals worth $10 billion or more, including two in pharmaceuticals and beer, worth more than $100 billion. The $65.59 billion merger announced this month between Dow Chemical Co. and Wilmington's DuPont Co., among the top 10 globally, accounted for more than half the $113.4 billion worth of deals this year involving Philadelphia-area companies, data from Bloomberg L.P. showed.
December 31, 2015 |
DuPont Co. will cut 1,700 of the 6,100 jobs in its home state of Delaware next month, chief executive Edward Breen told staff in a memo Tuesday. The cuts, at offices and labs along the I-95 corridor, are part of Breen's effort to eliminate more than 5,000 of the company's 54,000 worldwide jobs before DuPont's proposed merger with Dow Chemical Co. and their planned breakup into separate pesticide, materials, and "specialty products" companies....
December 17, 2015
By Vic Brown More than anything else, I can still clearly see the little girls in their white dresses and veils, and the little boys in their nice blue suits. They were there with their families, sprinkled throughout the Green Room restaurant in the Hotel DuPont in Wilmington. That's what happened in those days, on a May Sunday morning following First Communion at the local parishes. The families would not throw parties but would opt instead for an elegant family breakfast in the most elegant restaurant in town.
December 13, 2015 |
Dow Chemical Co. and the DuPont Co. said Friday that they would combine in a "tax-free merger" into one company, DowDuPont, and then split into three separate firms. They plan to cut at least $3 billion in yearly expenses, shut offices and plants, and lay off thousands of workers, in the hope of driving up share prices and enriching investors. DuPont, based in Wilmington, also said Friday that even before the merger, it will displace around 5,400 of its 54,000 global employees.
November 16, 2015 |
Edward D. Breen is the necessary man in corporate Philadelphia. The New Hope resident is lead director at media giant Comcast Corp., which is an old customer from his youth when he was selling cable antennas. He is chairman of Tyco Inc., the Princeton conglomerate he rescued from bankruptcy and carved into five public companies. And as of Monday, in what could be his biggest challenge yet, Breen became chairman and chief executive of the venerable DuPont Co., where as interim CEO he had already been freezing projects, combining units, and weighing asset sales, in hopes of boosting profits.
November 11, 2015 |
The DuPont Co. has named Edward D. Breen as chairman of the board and chief executive officer, less than a month after naming him to those positions on an interim basis after Ellen Kullman resigned both jobs on Oct. 5. The appointment of Breen, 59, raises the prospect of a breakup of the 213-year-old, Wilmington-based chemical company amid continued pressure from an activist shareholder. Breen has had discussions about potential deals involving DuPont's seed and crop-chemicals unit, the company's largest segment by revenue.
October 6, 2015 |
Ellen Kullman is stepping down Oct. 16 as chairman and chief executive of DuPont Co., the Wilmington pesticide and chemical giant, as the company warned its profits are falling amid weak farm chemical sales. Edward Breen, a longtime New Hope resident who broke Tyco International into several companies, will take over as DuPont's interim chairman and CEO, the company said. DuPont also hired an executive search firm to find a permanent replacement. Kullman, 59, is leaving as DuPont said it won't make as much money as it expected in the current quarter, and has made plans to accelerate and expand previous cost-cutting proposals.
August 22, 2015 |
Chemours Co., a chemical maker split off from DuPont Co. last month, said it will close its titanium dioxide plant at Edge Moor, Delaware. The closure will idle 200 workers and 130 contractors, as part of a general reduction in production of the compound, which is used in PVC pipe, appliance paint and other industrial materials. The company will "redeploy" staff or pay them severance, the Wilmington-based company said.