Bowing to Wall Street, DuPont to spin off titanium dioxide unit

Reuters

Oct 24 (Reuters) - DuPont said on Thursday it willspin off its titanium dioxide unit and related businesses into aseparately traded public company within 18 months.

The move to separate the Performance Chemicals business,which had been aggressively sought by Wall Street, will allowDuPont to better focus on specialty materials and agriculture,two growth areas.

DuPont said its existing shareholders will own 100 percentof the business after the spinoff. The spinoff will likely dentfourth-quarter earnings by a penny to 2 cents per share.

Shares of DuPont rose 3.9 percent to $63.76 in after-hourstrading.

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