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Delawarean here! DuPont is one of my state's largest private-sector employers, and beyond that, the Dupont family's influence on Delaware is hard to overstate.
by jawns 11y ago
Delawarean here!
DuPont is one of my state's largest private-sector employers, and beyond that, the Dupont family's influence on Delaware is hard to overstate.
Here are a few stories from my former employer, The (Wilmington, Del.) News Journal, about the merger, touching on its potential effects on the state:
http://www.delawareonline.com/story/news/2015/12/11/dupont-and-dow-combine-merger/77138022/ http://www.delawareonline.com/story/news/2015/12/11/dupont-a...
http://www.delawareonline.com/story/money/2015/12/10/under-dow-dupont-merger-del-unlikely-retain-businesses/77109204/ http://www.delawareonline.com/story/money/2015/12/10/under-d...
By the way, did you know that DuPont's longtime CEO Ellen Kullman resigned just a couple of months ago?
http://investors.dupont.com/investor-relations/investor-news/investor-news-details/2015/Ellen-Kullman-to-Retire-as-Chair-and-CEO-of-DuPont/default.aspx http://investors.dupont.com/investor-relations/investor-news...
Her exit came after winning a proxy battle led by activist investor Trian Partners:
http://www.forbes.com/sites/antoinegara/2015/10/05/ellen-kullman-bows-out-at-dupont-amid-activist-fight-leaving-transformation-unfinished/ http://www.forbes.com/sites/antoinegara/2015/10/05/ellen-kul...
Trian, led by Nelson Peltz, wanted to break DuPont into pieces, and Peltz said that even though he lost the proxy battle, he wasn't finished with DuPont:
http://www.usatoday.com/story/money/2015/07/15/nelson-peltz-dupont-activist/30182223/ http://www.usatoday.com/story/money/2015/07/15/nelson-peltz-...
It's hard to imagine that the timing of the merger so soon after her departure is coincidental.
Sounds like Kullman won the battle but not the war.
- AstroJetson 11y agoAnd with the layoffs that already took place during and after the Chemours spinoff, this new round will really hurt the Delaware economy. Sad to see a great company start to die in the 90's and after three decades of bad management end up like this. At least the earlier DuPont family left things like Longwood Gardens, Winterthur, EI DuPont Childrens Hospital , etc. Chad and Ellen's legacy is 1000's of shattered families.