The proposed merger of Dow Chemical and DuPont will bring together two major companies, and then, in the space of two years, will create three newly formed companies, one in agriculture, another in material sciences, and a third in specialty products used in such fields as nutrition and electronics, reports Steven Davidoff Solomon of The New York Times.

DuPont has 54,000 employees, and Dow Chemical has 53,000 employees. The companies that the combined entity will create can cut $3 billion in expenses, but the three companies each require a chief executive, general counsel and many other executives, so these savings may be eaten up by new overhead, Davidoff Solomon writes.

ABC News reports that Dow is taking full ownership of Dow Corning, currently a 50-50 joint venture between Dow and Corning. Dow said the move is expected to generate more than $1 billion in additional adjusted earnings and increase its product offerings in the building and construction, consumer care, and automotive markets.

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