- PPG again earns Equality 100 Award in 2023 Corporate Equality Index, spotlighting 20 years...
- Arkema finalises the acquisition of its 54% stake in PI Advanced Materials
- BASF Research Press Conference 2023 – Chemistry and sustainability: A perfect match
- IChemE celebrates 2023 Global Awards winners
- Flint Group puts EkoCure® Dual Cure technology in the spotlight at Labelexpo Asia 2023
DuPont said it was looking to sell or spin off its performance chemicals unit to insulate itself from flagging sales of paint pigments that have weighed on its results, according to a recent report by Reuters. DuPont is looking to its food, energy and security businesses to lower reliance on the slow-growing industrial chemicals business.
"We have been carefully weighing the strong cash generation of our performance chemicals businesses against their cyclicality and lower growth profile,” DuPont Chief Executive Ellen Kullman said in a statement.
The company’s performance chemicals unit generated total sales of US$7.2bn in 2012 or 20% of total sales.
The company’s titanium dioxide paint business, part of the performance chemicals business, is the largest in the world and its sales are considered a barometer of broader economic health. DuPont said it may pursue a different strategic alternative for each business within the performance chemicals unit. The company also reported a 13% drop in net income to US$1.03bn or US$1.11/share, in Q2 and net sales fell 1% to US$9.8bn.