A legacy continues with DOW
Published 2:44 pm Wednesday, April 3, 2019
Bobby Tingle/The Orange Leader
Bobby Tingle/The Orange Leader
Bobby Tingle/The Orange Leader
Bobby Tingle/The Orange Leader
Bobby Tingle/The Orange Leader
Bobby Tingle/The Orange Leader
By Dawn Burleigh
The Orange Leader
Dow Inc. (DOW shares debuted on the New York Stocks Exchange Tuesday, while being added to the Dow Jones Industrial Average, after the group was formally spun-off from parent DowDuPont Inc. last night.
Dow, a materials science-focused company with divisions in packaging, infrastructure, and consumer care, will replace DowDuPont in the 30-stock average as of Tuesday. It will also trade in the S&P 500 as Brighthouse Financial Inc. is removed from the broader benchmark.
Dow was spun from its larger parent, a creation of the $130 billion merger between Dupont and Dow, as part of a plan to create three separate companies focusing on agriculture, specialty products, and plastics. Cortvea, DowDuPont’s agriculture unit, will separate on June 1.
“Today marks the beginning of a new and exciting chapter for Dow,” said CEO Jim Fitterling. “The changes we have made to Dow’s portfolio, cost structure, and mindset are significant. The new Dow is a more focused and streamlined company with a clear playbook to deliver long-term earnings growth and value creation for all stakeholders.”
In an event to commemorate the new DOW, employees and contractors met on the lawn before the front gates as not one but two plaques were unveiled.
Bobby Tingle/The Orange Leader
DOW dedicated a tree to commemorate the new DOW. The tree weighs 19,000 pounds, one pound for each person in Orange.
The first was in honor of the DuPont legacy and a tree it had planted in 1946. Next, a plaque to honor the official new DOW with a tree weighing in at 19,000 pounds, a pound to represent each person in Orange.
“This is very exciting,” Site Leader for DOW Jean Algate said. “Yesterday [Monday] at 4 p.m. the paperwork was officially signed. We look forward to building upon the DuPont legacy.”
Algate lives in Orange and looks forward to finding ways to give back to the community.
“One of the things the employees want is to be more involved in the community,” Agate said. “They want to give back.”
Bobby Tingle/The Orange Leader
Site Leader for DOW Jean Algate speaks, on Tuesday, about the significance of the legacy DuPont started continuing with DOW.
Agate said DOW already has teams signed up for Day of Caring and is reaching out to Orange County Rebuild for ways for volunteers to assist.
DOW President Packaging and Specialty Plastics Olefins, Aromatics and Alternatives Diego Donoso said the success of the community is connected to the success of the company.
“I have been looking forward to this for 25 years,” Donoso said. “I have always wanted to make products here. We want to be a full solution to our customers.”
Donoso added there was a great legacy in front of him as he pointed to the DuPont Legacy tree.
Elected officials said the event signifies the future investments in the community.
“This is a great day for Orange,” Orange County Commissioner Pct. 1 Johnny Trahan said. “This shows an investment for the long haul. It gives job security and an investment in the community.”
“The City of Orange welcomes Dow Sabine River Operations and its commitment to preserving the rich history of DuPont Sabine River Works and a vision for the future,” City of Orange Economic Development Director Jay Trahan said. “The capital investment and jobs at the site have significant economic impacts on many levels. The City of Orange congratulates Dow on this Milestone Event and is supportive of future efforts to ensure success on every level.”
