DowDuPont to separate material science unit on April 1

(Reuters) - Chemicals producer DowDuPont Inc said on Friday it would separate its material science unit, to be named “Dow,” on April 1, the first split in its planned break-up into three companies.

The company also declared a dividend for DowDuPont stockholders, who will receive one share of Dow for every three shares of DowDuPont held as of March 21.

In addition, Dow’s board declared a dividend for the second quarter of 2019 of $525 million.

DowDuPont, formed by the $130 billion merger of chemical giants Dow Chemical and DuPont in 2017, is in the process of splitting itself up into three companies called Dow, DuPont and Corteva Agriscience.

The company also reiterated its plans to buy back $3 billion in stock after the separation and issue an annual dividend of $2.1 billion.

Corteva, the agriculture unit, is set to separate from specialty chemical maker DuPont on June 1.

Reporting by Shanti S Nair in Bengaluru; Editing by Shinjini Ganguli