(Reuters) – DuPont (NYSE:) said on Wednesday that it would separate into three publicly traded companies, sending its shares up 5% in extended trading.
DuPont said it would split its Electronics, Water, and Industrial businesses in a tax-free manner to its shareholders, with the new DuPont continuing as a diversified industrial company.
New DuPont will be comprised of the existing businesses within the water and protection segment, industrial solutions (including healthcare), and the retained businesses reported in corporate (including adhesives).
The electronics company would mainly be comprised of the existing semiconductor technologies and interconnect solutions.
The water company would be comprised of DuPont’s current water solutions line of business.
It expects to complete the separations within 18 to 24 months.
DuPont also named CFO Lori Koch as the company’s new CEO, effective June 1.
Read More: DuPont to separate into three independent companies By Reuters