Just after promoting Dow DuPoint in early 2019 as it attained our appraisal worth, we initiated a new placement in DuPont (NYSE:DD) in February and added seriously through the March offer-off. Just after spinning its commodity chemical compounds business Dow in April 2019 and its seeds and agriculture chemical compounds business Corteva in June 2019, DuPont has a collection of significant-return assets in nutrition, electronics and development. CEO Ed Breen has a sturdy record of clever money allocation, cost chopping and worth additive M&A exercise, and we feel he can guide the corporation efficiently by way of this complicated time period. We ended up primarily inspired by the announcement late final 12 months that DuPont is spin-merging its Diet section with Global Flavors and Fragrances, generating a powerhouse business and improving DuPont’s balance sheet even more when the offer closes later on this 12 months.
From Mason Hawkins (Trades, Portfolio)’ Longleaf Associates initially-quarter 2020 commentary.
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