DuPont

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Shareholders will get their say in the proposed merger of Dow Chemical and DuPont next month.

There will be separate votes on July 20th.

DuPont will hold its meeting at the company’s Chestnut Run Plaza headquarters.

Dow’s will take place at its headquarters in Midland, Michigan.

The Wilmington News Journal reports that the $130 billion merger will bring together businesses ranging from agriculture and electronics to nutrition, health and plastics.

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The Dow-DuPont merger is being challenged by three agricultural advocacy groups over potential anti-trust violations.

The American Antitrust Institute, Food and Water Watch and the National Farmers Union sent a letter to the U.S Attorney General’s Office.

The Wilmington News Journal reports that they say that the merger would result in a consolidation of any already shrinking industry.

They argued that it could result in higher prices and a reduction in choices for farmers and consumers.

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NEW CASTLE, Del. (AP) - A state panel has approved almost $8 million in taxpayer money for Chemours Co., the financially struggling chemicals business spun off from the DuPont Co.
 
The Council on Development Finance voted unanimously Monday to give Chemours a Strategic Fund grant of up to $7.2 million to retain 900 full-time jobs in Delaware through 2020.
 
The panel also approved a capital expenditure grant of up to $695,000 to Chemours for a headquarters project in Wilmington.
 

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NEW CASTLE, Del. (AP) - New Castle County council members have approved giving DuPont Co. $7.5 million over five years in an effort to keep the company from leaving the state.
 
News outlets report that council members unanimously approved legislation Tuesday that will create a new economic development fund. The fund will allow the county to allocate money to retain or create jobs or improve its tax base. The money comes from tax reserves.
 

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DOVER, Del. (AP) - The state Senate has unanimously approved millions of dollars in tax incentives for DuPont following its planned merger with Dow Chemical.

The tax relief legislation cleared the Senate with no debate Thursday and now goes to the House.

The bill eliminates a $5 million aggregate cap on research and development tax credits and makes the credits refundable. It also restores a never-used new jobs tax credit aimed at getting companies to establish corporate headquarters in Delaware.

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DOVER, Del. (AP) - The state Senate is poised to vote on millions of dollars in tax incentives for DuPont following its planned merger with Dow Chemical.

Senate Executive Committee members spoke glowingly of the legislation Wednesday before releasing it for Thursday's floor vote.

The bill eliminates a $5 million aggregate cap on research and development tax credits and makes the credits refundable.

The bill also restores a never-used new jobs tax credit aimed at getting companies to establish corporate headquarters in Delaware.

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The Delaware Council on Development Finance gave its unanimous approval for $9.6 billion in tax payer money for the next five years toward keeping a spin off company from the Dow-DuPont merger.

But the Wilmington News Journal reports that the vote comes just a media reports suggest that BASF is looking at a counter offer to buy DuPont.

In December DuPont agreed to merge with Dow to create a $130 billion company.

The News Journal reports that experts say it is too early to say if the Germany company will actually move forward with the effort.

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WILMINGTON, Del. (AP) - A multimillion-dollar incentive package to keep DuPont Co. in Delaware after it merges with Dow Chemical includes a $7.5 million contribution from New Castle County.

The companies announced Friday that the agricultural company that will be created after the $130 billion merger is completed will be headquartered in Wilmington.

A specialty-products business that will also be spun off in the merger had already been confirmed for Wilmington.

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As Dow and DuPont merge the agricultural spin will maintain its headquarters in Wilmington.

In addition, the Wilmington News Journal reports that a yet unnamed specialty products company will also locate its headquarters in the Delaware town.

This will keep some high-level executive jobs in the state.

The News Journal reports that the Securities and Exchange Commission says more revenue is expected to come from the two companies than DuPont.

The paper reports that combined the two companies are expected to be valued at $32 billion.

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There will be layoffs by Chemours Company as it cuts more than $350 million in spending by 2017.

But the Wilmington News Journal reports that the firm would not provide any more details.

DuPont cut the Wilmington-based company loose last July.

It employs around 700 workers in the First State.

The News Journal reports that most of those are located in the Wilmington headquarters with another 20 in Red Lion.

In addition, the company is looking to up its profits with a review of its chemical solutions business. 

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The United Steelworkers union and the Chemical Workers Union Council are threatening Dupont and Chemours companies to go to regulators over safety inspection problems.

The unions sent a letter to the CEO of the two firms charging that the DuPont did not allow health and safety experts to deal with – what they described as – hazardous conditions at the facilities.

There are around a thousand workers at DuPont and Chemours are represented by the United Steelworkers union.

That includes the Chemours pigmentation facility in in Edge Moor.

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The proxy war is over and the DuPont Board of Directors is still intact.

The Nelson Peltz's Trian Fund conceded defeat even before the results were announced at the annual stock holders meeting.

In addressing the meeting CEO Ellen Kullman said that she was encouraged by the feedback that she had received from shareholders during the proxy battle.

But, she added, there was more work to be done to realize the company’s potential.

Peltz had initially called for splitting DuPont into two companies but then backed away.

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A $35 million facility is now being built at DuPont’s Stine-Haskell Research Center in New Newark for expanding its soybean operation.

The property has already been cleared for the nearly 134-thousand square-foot facility on Elkton Road.

This will be the second structure in Delaware that will be dedicated soy beans with the Pioneer name.

Plans include two modern greenhouses and three high-tech 60-thousand gallon water collection units to recycle run-off.

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Scandal has hit the DuPont family again.

This time Robert Richards IV, who is on probation after pleading guilty in 2008 to fourth-degree rape of his daughter is facing a lawsuit by his former wife who accuses him of molesting his toddler son.

The lawsuit filed in Superior Court offers up details about a child rape case that did not ge a lot of media attention.

And the Wilmington News Journal reports authorities never disclosed publicly.

Richards is the son of two prominent Delaware families – the DuPonts and the Richards family.

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DOVER, Del. (AP) - The DuPont Co. says weakness in performance chemicals and electronics and communications, coupled with costs associated with growth initiatives, led to a sharp drop in fourth-quarter income.

The company on Tuesday reported net income for the quarter ending Dec. 31 of $111 million, or 12 cents per share. That's down from $373 million, or 40 cents per share, for the fourth quarter of 2011.

The results beat the consensus estimate of Wall Street analysts of 7 cents per share.

Sales for the quarter were flat at $7.3 billion.

DuPont has been hit with a $1 billion bill in a patent-infringement case over a competitor’s seed technology.

The federal jury took only 45 minutes to deliver the largest award in the nation this year. 

The jurors found that DuPont’s Pioneer seed unit violated Monsanto’s patents on engineered seeds for herbicide-tolerant soybeans.

The Wilmington News Journal reports that Roundup Ready crops are at the heart of the $13.7 billion in annual revenue for Monsanto.