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Part II
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS, continued
24
Redesign Initiative and 2014 Restructuring Plan In June 2014, DuPont announced its global, multi-year initiative to redesign
its global organization and operating model to reduce costs and improve productivity and agility across all businesses and functions.
DuPont commenced a restructuring plan to realign and rebalance staff function support, enhance operational efficiency, and to
reduce residual costs associated with the separation of its Performance Chemicals segment. As a result, during the years ended
December 31, 2015 and 2014 pre-tax (benefits) charges of $(21) million and $541 million, respectively, were recorded. Cost
reductions from the 2014 operational redesign are essentially complete and for full year 2015, the company delivered incremental
cost savings of approximately $0.40 per share year over year. Additional details related to this plan can be found in Note 4 to the
Consolidated Financial Statements.
Separation of Performance Chemicals In October 2013, DuPont announced its intention to separate its Performance Chemicals
segment through a U.S. tax-free spin-off to shareholders, subject to customary closing conditions. In July 2015, DuPont completed
the separation of its Performance Chemicals segment through the spin-off of all of the issued and outstanding stock of The Chemours
Company (Chemours).
Divestiture of Performance Coatings In August 2012, the company entered into a definitive agreement with Flash Bermuda
Co. Ltd., a Bermuda exempted limited liability company formed by affiliates of The Carlyle Group (collectively referred to as
"Carlyle") in which Carlyle agreed to purchase certain subsidiaries and assets comprising the company's Performance Coatings
business. In February 2013, the sale was completed resulting in a pre-tax gain of approximately $2.7 billion ($2.0 billion net of
tax). The gain was recorded in income from discontinued operations after income taxes in the Consolidated Income Statement for
the year ended December 31, 2013.