March 8, 2019 / 4:38 PM / 8 months ago

UPDATE 1-DowDuPont to separate material science unit on April 1

(Adds details on dividend)

March 8 (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 reut.rs/2f3HoRa 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)

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