DowDupont Day 1
I am excited and proud to announce the successful closing of the merger between Dow and DuPont and the intended creation of the Materials Science Company – the new Dow. This is a momentous day, both for our heritage companies and for the industries in which we operate. It represents the culmination of an enormous amount of hard work and planning by teams across both companies who have been working tirelessly for us to achieve this important milestone. Starting today, our highly complementary portfolios will come together with the intention of creating three new innovative, market-focused companies in Agriculture, Materials Science and Specialty Products – each of which will be a leader in their respective field, well-positioned to spearhead the next generation of innovation.
Independently, Dow and DuPont both have rich legacies as market-driven science companies that provide solutions to society’s greatest challenges. Now, we will evolve and grow our industry-leading portfolios in a more focused manner that will improve our ability to innovate and successfully compete in the global marketplace. We believe this will drive sustainable growth, lead to even more innovative solutions for customers around the world and create new experiences and career growth opportunities for our employees.
We have heard many questions from our retirees regarding the impact of the transaction on their employee benefits. At this time, we do not intend to make any changes to the qualified pension plans (namely the Dow Employees’ Pension Plan and Union Carbide Employees’ Pension Plan, which includes heritage Dow Corning and Rohm and Haas retirees) that would affect your accrued benefits. Although we will continue to evaluate our benefits programs and retain the right to make amendments to the plans in the future, as with all qualified pension benefits, your vested accrued benefits in the qualified pension plans are protected under federal law. These laws generally prohibit plan sponsors from making changes to a qualified plan that would result in a forfeiture of accrued benefits and prohibit the use of plan assets for any purpose other than for the benefit of plan participants and beneficiaries and defraying plan expenses. In addition, we do not intend to make changes to the retiree health care plans or pricing for 2017. Going forward, we will continue to evaluate our benefits programs in order to provide the highest possible quality and cost effective care. If any future changes are made to your employee benefits, you will receive additional information in advance of those changes.
We are where we are today as a company only because of the hard work and service of our employees – both present and past. We value the service our retirees provided and will continue our longstanding commitment to you.
Executive Chairman of DowDuPont™
and Chairman and CEO of Dow