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MarketScreener Homepage  >  Equities  >  Nyse  >  DuPont de Nemours, Inc.    DD

DUPONT DE NEMOURS, INC.

(DD)
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DuPont Replaces CEO Amid Struggle to Expand Sales -- 2nd Update

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02/18/2020 | 06:04pm EDT

By Austen Hufford

DuPont de Nemours Inc. said Tuesday that it is bringing back as its chief executive Edward D. Breen, an architect of the megamerger and spinoff from Dow Inc. that left a smaller industrial-materials maker struggling to generate sales growth.

DuPont said its board had decided to remove Chief Executive Marc Doyle and Chief Financial Officer Jeanmarie Desmond less than a year after they assumed those roles. Mr. Breen, the company's executive chairman, was named CEO, and Lori D. Koch, previously head of investor relations, became financial chief.

For Mr. Breen, the return to the helm at DuPont is an attempt to fix what appears to be the most troubled of the three companies spun out of a merger that defined his career.

"We did not meet our own expectations," Mr. Breen said in a written statement. "We need to accelerate operational improvement."

Dow Chemical Co. and DuPont Co. agreed to a $120 billion merger in late 2015, setting plans to combine and then split into three separate companies. In addition to DuPont, the materials-science business is now called Dow Inc. and the agriculture business is known as Corteva Inc.

Before joining DuPont in 2015, Mr. Breen spent a decade at the top of Tyco International PLC, where he broke apart what was once one of the largest U.S. conglomerates.

When Mr. Breen came to DuPont, it was under pressure from Nelson Peltz's Trian Fund Management LP to break up. Mr. Breen brought Trian into deal talks with Dow to ensure the activist fund approved of the merger.

DuPont's shares have underperformed the other two companies spun out of the merger since June 2019, when the last of those, Corteva, began trading publicly. DuPont's shares, which rose 0.6% on Tuesday, are off about 30% over that time. Dow is off 0.2% since June 2019, while Corteva is up 27%.

DuPont, whose array of products includes fibers for bulletproof vests and wraps for homes under construction, said last month that sales fell 5% in 2019. The company said it expects demand to remain weak this year for materials including nylon, one of its main products.

DuPont's missteps come during a broader slowdown in U.S. manufacturing and global trade. Other major manufacturing companies, including 3M Co. and Caterpillar Inc., have reported slowdowns in key markets in the U.S. and abroad.

DuPont said in December that it would spin off its nutrition business and combine it with International Flavors & Fragrances Inc. to make a top supplier of ingredients to food makers.

Write to Austen Hufford at austen.hufford@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
3M COMPANY -2.16% 133.24 Delayed Quote.-24.48%
CATERPILLAR INC. -4.58% 105.44 Delayed Quote.-28.60%
DOW INC 0.00%End-of-day quote.0.00%
DUPONT DE NEMOURS, INC. -5.90% 33.83 Delayed Quote.-47.31%
INTERNATIONAL FLAVORS & FRAGRANCES INC. -3.78% 110.22 Delayed Quote.-11.22%
JOHNSON CONTROLS INTERNATIONAL PLC -3.93% 25.94 Delayed Quote.-36.28%
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Financials (USD)
Sales 2020 20 917 M
EBIT 2020 3 492 M
Net income 2020 1 998 M
Debt 2020 14 654 M
Yield 2020 3,56%
P/E ratio 2020 12,7x
P/E ratio 2021 9,39x
EV / Sales2020 1,90x
EV / Sales2021 1,81x
Capitalization 25 014 M
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Technical analysis trends DUPONT DE NEMOURS, INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 22
Average target price 57,67  $
Last Close Price 33,83  $
Spread / Highest target 169%
Spread / Average Target 70,5%
Spread / Lowest Target 3,46%
EPS Revisions
Managers
NameTitle
Edward D. Breen Executive Chairman & Chief Executive Officer
Daryl Roberts Chief Operations & Engineering Officer
Lori D. Koch Chief Financial Officer & Executive Vice President
Steven Larrabee Chief Information Officer
Alexa Dembek Chief Technology & Sustainability Officer
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