(Reuters) - Chemicals producer DowDuPont Inc said on Friday it would separate its material science unit, to be named “Dow,” on April 1, the first split in its planned break-up into three companies.
The company also declared a dividend for DowDuPont stockholders, who will receive one share of Dow for every three shares of DowDuPont held as of March 21.
In addition, Dow’s board declared a dividend for the second quarter of 2019 of $525 million.
DowDuPont, formed by the $130 billion merger of chemical giants Dow Chemical and DuPont in 2017, is in the process of splitting reut.rs/2f3HoRa itself up into three companies called Dow, DuPont and Corteva Agriscience.
The company also reiterated its plans to buy back $3 billion in stock after the separation and issue an annual dividend of $2.1 billion.
Corteva, the agriculture unit, is set to separate from specialty chemical maker DuPont on June 1.
Reporting by Shanti S Nair in Bengaluru; Editing by Shinjini Ganguli