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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Johnson Controls International PLC | NYSE:JCI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.28 | 0.46% | 60.75 | 61.14 | 60.04 | 60.72 | 7,559,389 | 00:12:05 |
By Lauren Pollock
DuPont Co. named two new directors to its board, a move that comes as the chemicals company faces pressure from activist investor Trian Fund Management LP to split itself up.
The company said Edward Breen, who is currently chairman of Tyco International PLC, and James Gallogly, the previous chief executive of LyondellBasell Industries NV, would join the board effective immediately.
DuPont's conglomerate structure and diverse business portfolio have come under scathing attack from Trian over the past 18 months, and the activist said last month that it would seek four seats on DuPont's board.
A representative from Trian wasn't immediately available for comment on Thursday's board changes.
Trian, headed by Nelson Peltz, has argued the company's share value could effectively double if it split itself into three--one aimed at agriculture and nutrition, another for industrial materials and a third for performance chemicals, which produces materials that go into things like nonstick frying pans and house paint.
Mr. Breen has experience with corporate breakups. He was chairman and chief executive CEO of Tyco International from 2002 to 2012, during which he oversaw two break-ups of the company resulting in the spin-offs of Covidien, Tyco Connectivity, ADT Corporation and the merger of Tyco Flow Control with Pentair, DuPont said.
The board appointments come as two current directors, Curtis Crawford and Richard Brown, transition off the DuPont board to eventually serve as directors at Chemours Co., DuPont's performance chemicals business that is being spun off.
DuPont last week gave a disappointing outlook for 2015, saying its earnings would take a significant hit from the strengthening dollar, though the chemicals company indicated it would hit its goal to cut $1 billion in costs well ahead schedule.
As part of the effort, DuPont is planning to spin off its performance chemicals segment--best known for materials in nonstick frying pans and house paints--this year. DuPont has said it plans to use the proceeds of the spinoff to repurchase up to $4 billion in shares.
Write to Lauren Pollock at lauren.pollock@wsj.com
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