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News > Deals
DuPont mulls unit sale
December 14, 2000: 9:40 a.m. ET

DuPont plans to separate DuPont Pharmaceuticals, taps CEO for unit
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NEW YORK (CNNfn) - DuPont, the top U.S. chemical company, plans to separate its pharmaceutical business after a six-month review on how to realize full value of the unit.

The company said Thursday it has yet to determine if a sale, spin-off, initial public offering or other option would be the best plan of action.

"We have concluded that the full value of DuPont Pharmaceuticals can best be realized outside DuPont," said Charles O. Holliday, Jr., DuPont chairman and CEO, in a statement. "We will evaluate all separation options, including an IPO, and will choose the one that can best contribute to our shareholder value objectives."

Richard U. De Schutter, who led the review, was named executive chairman, president and CEO of the unit.

De Schutter said the unit has "an exciting early-stage pipeline" and a number of "mature but profitable products" in its portfolio.

"Full realization of the business' potential, however, appears to be best accomplished outside DuPont's total ownership," he said.

The current president and CEO of DuPont Pharmaceuticals, Nicholas L. Teti, will retire effective Dec. 31.

Shares of Wilmington, Del.-based DuPont (DD: Research, Estimates) rose $1 to close at $43.19 on the New York Stock Exchange Wednesday. graphic

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.