With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are diversified and specialty chemical manufacturers.

Fortune Sector Leaders: Chemicals

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-144-DuPont

To say that DuPont has been through a lot of changes in recent years would be an understatement. In 2017, DuPont completed a $130 billion merger of equals with Dow to form DowDuPont, one of the world's biggest chemical companies. Then, in 2019, the chemical giant split apart again, this time into three separate companies—Dow, Corteva, and DuPont. Since then, DuPont has been reshuffling its businesses, most recently completing the separation of its nutrition and biosciences operation and signing agreements to divest its clean technologies and advanced solar cell materials businesses. The company expects to generate about $8 billion from the three transactions.

Collectively, the ranked companies produced a three-year average shareholder return of 33%, vs. 19% for the S&P 500.

FGC 2021-DuPont

100 Fastest-Growing Companies

This year's Fortune 500 marks the 66th running of the list.

F500-2020-152-Dupont

One of the three companies to emerge from the breakup of DowDuPont in 2019—just two years after a historic merger—the new DuPont is focused on specialty industrial materials such as Tyvek, used in personal protective gear. In April, the company said it would double its production of garments made with Tyvek to meet high demand resulting from the coronavirus.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

Fortune Global 500

This year's Fortune 500 marks the 65th running of the list.

These 52 companies from across the globe are doing well by doing good.

Change the World

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

World's Most Admired Companies

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

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DuPont de Nemours manufactures specialty chemicals. The electronics and industrial segment supplies materials for the fabrication of semiconductors and integrated circuits. The water and protection segment provides engineered products and integrated systems for worker safety, water purification and separation, transportation, energy, medical packaging, and building materials. The corporate and other segment offers auto adhesives and fluids as well as Multibase and Tedlar products.

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Q4 2024

DuPont (DD): Company Profile, Stock Price, News, Rankings

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DuPont

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Thank you for standing by, and welcome to the DuPont Fourth Quarter twenty twenty four Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. I'd now like to turn the call over to Chris MacRae.

Good morning, and thank you for joining us for DuPont's fourth quarter and full year twenty twenty four financial results conference call. Joining me today are Ed Breen, Executive Chairman Lori Koch, Chief Executive Officer and Antonella Franzen, Chief Financial Officer. We have prepared slides to supplement our remarks, which are posted on DuPont's website under the Investor Relations tab and through the webcast link. Please read the forward looking statement disclaimer contained in the slides. During this call, we'll make forward looking statements regarding our expectations or predictions about the future.

Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward looking statements. Our Form 10 ks as updated by our current and periodic reports includes detailed discussion of principal risks and uncertainties which may cause such differences. Unless otherwise specified, all historical financial measures presented today are on a continuing operations basis and exclude significant items. We will also refer to other non GAAP measures. A reconciliation to the most directly comparable GAAP financial measures included in our press release and presentation materials and have been posted to DuPont's Investor Relations website.

I'll now turn the call over to Lori, who will begin on Slide three.

Good morning, everyone, and thanks for joining our fourth quarter call. Earlier today, we recorded solid quarterly results to close out a strong year of performance. Fourth quarter sales grew 7%, including another consecutive quarter of double digit organic growth in E and I and highlighted by a return to organic growth in W and P of 6%. We showed strong operating leverage as operating EBITDA of $8.00 $7,000,000 increased 13% year over year. Operating EBITDA margin of 26.1% expanded 140 basis points and adjusted EPS of $1.13 grew 30% from the prior year.

From an end market view, fourth quarter saw continued strong demand within electronics, driven by the ongoing transition to advanced nodes and related AI enabling technologies. Further improvement in healthcare markets resulted in a return to volume growth for both our medical packaging and biopharma products, which both grew at double digit rates. Additionally, we continue to see growth acceleration in water in the quarter with 4% sequential sales lift and an 11% year over year increase. Looking back at full year financial performance, volume growth of 2% was solid and grew as the year went on, culminating in 8% growth for the fourth quarter. This combined with operational discipline and productivity actions was key to our earnings growth and resulted in strong incremental and margin improvement.

Coupling improved segment earnings with the benefit of a reduced share count led to a robust 17% growth in adjusted EPS. Working capital optimization, which has been another key operating priority for the team, helped drive strong cash generation with transaction adjusted free cash flow conversion of 105%. I'd like to thank the entire DuPont team for all their hard work and dedication to achieve these results. Turning to Slide four, I will cover our key priorities for 2025 organic growth, operational execution and portfolio management. Starting with the top line, as mentioned, we saw volume growth improvement in both E and I and W and T as we progress through this past year.

Looking into 2025, we expect further acceleration in volume growth targeting mid single digit organic sales growth for the total company. To enable this, we will continue focusing on optimizing our growth opportunities within each business, which includes both continued investment and innovation as well as driving commercial excellence initiatives, including strategic marketing and sales effectiveness activities. To ensure success, we recently hired a Chief Commercial Officer to drive consistent execution across all

businesses. Additionally, our businesses continue to focus on driving operational excellence. We are entering our fourth year of driving an enhanced focus on On Bex and our profitability continues to benefit from the expanded toolkit and disciplined rollout across the organization. Coupling our standard OpEx framework with steady investments in digital tools will lead to continued improvement in financial performance. Finally, regarding portfolio management, we announced last month that we are targeting November one of this year for the intended spin off of the electronics business, which is nicely accelerated from the initial timeframe of eighteen to twenty four months.

We remain excited about the sizable shareholder value creation opportunity from creating a leading pure play electronics company. We continue to make progress towards establishing the future boards for Electronics and DuPont and remain on track to be able to announce new board members as well as executive leadership for the future electronics company by the end of the first quarter. We continue to see the excitement building internally and externally, and I look forward to updating you in the coming months. With that, I'll turn it over to Antonella to cover the financial results and outlook in detail.

Thanks, Laurie, and good morning, everyone. We are pleased with the solid finish to a strong year of financial performance. End market recovery and improved volumes have been the primary driver of our accelerated sales and earnings growth throughout 2024, and our teams have also continued to execute well on our operational excellence initiatives, including both enhanced productivity and the previously announced cost actions. I look forward to the continued momentum that we are carrying into 2025, but first I'll cover our fourth quarter financial highlights in further detail beginning on Slide five. Net sales of $3,100,000,000 increased 7% versus the year ago period as an 8% increase in volume was slightly offset by a 1% decrease in price.

Currency and portfolio were both flat. Higher volume was led by continued strong demand in electronics end markets with semi and interconnect solutions both up double digits. Further acceleration in water solutions yielding double digit volume gains and a return to year over year growth in both safety solutions and industrial solutions. On a segment view, E and I and WMP organic sales grew 106% respectively. Organic sales in corporate declined 7% versus the year ago period.

From a regional perspective, Asia Pacific delivered 11% organic sales growth year over year, including another strong quarter in China, where organic sales also increased 11% due to continued strength in electronics markets and acceleration in water. Organic sales were up 5% in North America and up 1% in Europe. Fourth Quarter operating EBITDA of $8.00 $7,000,000 increased 13% versus the year ago period as volume gains, the benefit of higher production rates and savings from restructuring actions were partially offset by higher variable compensation. Operating EBITDA margin during the quarter of twenty six point one percent increased 140 basis points year over year. Fourth quarter cash generation was strong, reflecting a continued working capital discipline across the businesses.

On a continuing operations basis, cash flow from operations of $564,000,000 CapEx of $161,000,000 and $52,000,000 of separation related transaction cost payments resulted in transaction adjusted free cash flow of $455,000,000 and related conversion of 96%. As Laurie mentioned earlier, 2024 was a strong year for cash performance with transaction adjusted free cash flow of $1,800,000,000 and related conversion of 105%. Turning to Slide six, adjusted EPS for the quarter of $1.13 per share increased 30% from $0.87 in the year ago period. Higher segment earnings of $0.17 as well as below the line benefits totaling $0.09 from a combination of lower share count, tax rate and foreign exchange losses drove the year over year increase. Turning to segment results, beginning with E and I on Slide seven.

E and I fourth quarter net sales of $1,500,000,000 increased 11% versus the year ago period on organic sales growth of 10% and favorable portfolio impact of one percent, reflecting the Donatell acquisition. Organic sales growth of 10% reflects an 11% increase in volume, slightly offset by a 1% decrease in price. At the line of business level, organic sales for semi were up low teens on continued semiconductor demand recovery, driven by AI technology applications. Semi demand continues to be notably strong in China with year over year growth of about 40% during the quarter. Given elevated levels of growth throughout 2024, we currently anticipate relatively flat semi sales in China for 2025, though overall organic growth in semi is expected to be up 6% to 7% for the full year.

Interconnect Solutions posted another quarter of strong results with organic sales up low double digits, reflecting broad based end market strength, additional share gains and continued volume benefits from AI driven technology ramps. Industrial solutions returned to organic growth in the quarter with organic sales up mid single digits due to improved demand for biopharma within healthcare and continued strength in printing and packaging applications. Operating EBITDA for E and I of $457,000,000 was up 21% versus the year ago period. On volume gains, the benefit of higher production rates, savings from restructuring actions and a $13,000,000 gain related to a technology license agreement, which was contemplated in our guidance. The year over year increase is partially offset by higher variable compensation.

Operating EBITDA margin during the quarter was 30.3%, up two fifty basis points versus the year ago period. For the full year, E and I net sales of $5,900,000,000 increased 11% with 6% organic sales growth. For the full year, operating EBITDA of $1,700,000,000 increased 17% with operating EBITDA margin of 29%, up 140 basis points from the prior year. Turning to Slide eight. WMP fourth quarter net sales of $1,400,000,000 increased 6% versus the year ago period due to an eight percent increase in volume, partially offset by a 2% decrease in price.

Safety solutions returned to year over year growth as organic sales were up high single digits, reflecting continued improvement in healthcare markets, evidenced by medical packaging sales lift for three consecutive quarters, including a 6% increase from Q3. Shelter solutions sales were flat on an organic basis with headwinds in North America construction markets offset by growth and repair and remodel demand. Within water solutions, sales were up low double digits on an organic basis, driven by continued broad based volume recovery. On a sequential basis, water solutions sales also increased for a third straight quarter with sales up 4% from Q3. Operating EBITDA for WMP during the quarter of $357,000,000 was up 14% versus the year ago period as volume gains and savings from restructuring actions were partially offset by higher variable compensation and the absence of about $25,000,000 of discrete item benefits reported in the prior year.

Operating EBITDA margin during the quarter was 26.3%, up 170 basis points from the year ago period. For the full year, WMP generated net sales of $5,400,000,000 with operating EBITDA of $1,400,000,000 Operating EBITDA margin for the full year of 25.1% increased 50 basis points. Turning to Slide nine, which outlines our first quarter twenty twenty five and full year guidance expectations. At a consolidated level for the first quarter, we estimate net sales of about $3,025,000,000 operating EBITDA of about $760,000,000 and adjusted EPS of $0.95 per share. Our first quarter net sales guidance assumes mid single digit organic growth and a currency headwind of about 1.5% versus the first quarter of twenty twenty four.

We expect a more normal seasonal progression into the second quarter with a sequential sales lift of about 6% to 7% from the first quarter. For the full year 2025, we estimate consolidated net sales of $12,800,000,000 to $12,900,000,000 operating EBITDA of 3,325,000,000.000 billion dollars to $3,375,000,000 and adjusted EPS of 4.3 to $4.4 per share. Our full year consolidated net sales guidance assumes mid single digit organic growth and a currency headwind of about 1%. Our EPS estimate includes a headwind from below the line items totaling $0.1 related primarily to an assumed 1% higher tax rate versus this past year. I would also like to highlight that we plan on realigning our segment reporting structure in the first quarter in advance of the intended separation of electronics later this year.

We will begin reporting under this new structure when we release our first quarter twenty twenty five results. The businesses comprising the future electronics company will be reported as the Electronics Co segment, while the businesses that will remain with DuPont will be reported as the Industrials Co segment. We are providing historical segment information reflecting these realignments for comparison purposes, which you can find in the earnings presentation accompanying today's call. For the new Electronics Coast segment, we expect full year 2025 organic sales growth in the 6% to 7% range. This assumed growth is expected to be driven by ongoing strength within semi fueled by continued AI adoptions and transition to advanced nodes, as well as the impact from more normalized sales in China as previously mentioned.

In interconnect solutions, we expect continued growth driven by improved sentiment within consumer electronics and refresh cycles in support of AI adoption. For the new Industrial Coast segment, we expect full year 2025 organic sales growth in the 3% to 4% range. Within healthcare markets, we expect growth acceleration in medical devices along with continued stabilization for medical packaging applications and in biopharma markets. In Water, we expect a strong year for the business with continued volume growth year over year and we expect stable demand within markets served by our remaining industrial based product lines. With that, we are pleased to take your questions.

And let me turn it back to the operator to open the Q and A.

Thank you. We will now begin the question and answer session. You. Your first question today comes from the line of Scott Davis from Melius Research. Your line is open.

Hey, good morning, everybody. Laura, Antonow, and Chris Ed.

You guys talked you referenced AI related revenues a few times in the call. Is there any can you size that for us at all and kind of give us a sense of what kind of growth rates you've seen there?

Yes. We saw really nice growth this year, up about 30% in the AI related sales. We're up over $300,000,000 now. And so we continue to expect that to be a key piece of the growth for the ElectronicsCo as we move to separate them towards the end of the year.

Okay. That's helpful. And then the incremental margins 47% or so is what I was calculating is pretty strong, but you've got a little bit of price perhaps headwind in front of you. How do you think about incrementals in 2025 and the sustainability kind of puts and takes of costs coming back? And I know there's going to be some noise in the transition here, but is there do you think there's an opportunity to keep those incrementals above historic levels?

Or do you see some costs coming back and some price issues?

Yes. In 2024, we saw incrementals kind of in the low to mid-60s and we have them, as you had mentioned, in the mid-40s in 2025. So, again, very strong. We had mentioned that we do have a 1% assumed price headwind in 2025 versus 2024, but net between that and inflation and absorption tailwinds, we see that about neutral on the bottom line. So, we'll share a lot more about margin projections when we do Investor Day later in the fall, but we continue to expect to see really nice margin improvement across both new DuPont and Electronics.

Okay. Congrats on the year. Best of luck, guys. We'll see you.

Your next question comes from the line of John McNulty from BMO Capital Markets. Your line is open.

Yes. Thanks for taking my question. So maybe just a question on water. Obviously, there were some easy comps there, but it also it seems like it really continued even on a sequential basis. Can you help us to think about some of the drivers that you're seeing there that are really pushing that growth and how we should be thinking about them, as we go through 2025?

Yes. We did see really nice recovery. So, it was up about 11% year over year organic in the fourth quarter and we see, about mid to high single digit organic growth overall in 2025 for water. So a lot of it really is just around the secular tailwinds in the water space. So the access to clean water, we see nice growth across all key technologies.

We are the one player within the space that has all the four key technologies, when it comes to filtration. And there's some incremental opportunities, not necessarily in '25, but longer term around both DLE, so direct lithium extractions, within the battery space and then also some PFAS opportunity as well.

Got it. Okay. Thanks for the color on that. And then, with regard to semis, there it looks like there's a number of node transitions kind of especially rolling in, in the second half of twenty twenty five. Can you help us to think about what that means for the cadence of growth in the semi tech platform for you as we look through 2025?

Yes. So we had mentioned for overall new electronics co, it will be about 6% to 7% organic growth. That's about even between both sides of it, so between semi and ICS. Q1, just given the favorable comp, will be the highest growth, we said low double digits, I

believe, for the new electronics. And then, so it will moderate as the

year goes on. But it electronics. And then, so it will moderate as the year goes on. But again, really nice overall 6% to 7% on top of a really strong year in 2024.

Your next question comes from the line of Steve Tusa from JPMorgan. Your line is open.

Did you see any kind of pull forward in demand with regards to any concerns around tariffs or new administration in the fourth quarter?

Hey, Steve, it's Antonella. We've talked about in the last couple of quarters that we saw, I would call it more of pre buy, in the semi space related to a lot of the new fabs that have started up during the course of the year. So you heard us talk about that in Q2 and Q3. We would estimate that in Q4, it was probably around $20,000,000 or so. I would say we would attribute it more to the new fab startups versus tariffs per se, but there could have been a little bit of it, related to the tariffs coming in 2025 as well.

And then, I think there was a modest gain in the electronics, segment. I'm not sure if you flush that out. How big was that?

Yes. So we commented on that in our prepared remarks. It was $13,000,000 and it was included in the guidance when we provided it on the third quarter call.

Okay. Got it. All right. Thanks a lot. Your

next question comes from the line of Jeff Sprague from Vertical Research. Your line is open.

Hey, thanks. Good morning, everyone. Sorry if I missed this at the beginning. I was also about ten minutes late getting on. Just on the spin and the timing now, feel that's a pretty hard lock on November 1 and maybe any update on just kind of the cost to separate and the kind of stand up stand alone costs associated with electronics.

Hey, Jess, it's Antonella. So yes, timely timing is pretty locked in. You know, I would say the team has clearly done a lot of work to accelerate the timeline. You know, we've had a lot of good practice in the organization in doing this. So we have a really good plan in place and things are progressing as expected.

In terms of a couple of updates, so our separation costs, we had said would be around $700,000,000 We do expect that to be a little less than that, as we move forward now given that water will remain in the DuPont portfolio. But I would just be mindful that a lot of things that kind of went into that is will still continue to happen whether it was one separation or two separations. In terms of the synergies, we initially quoted that as around $60,000,000 Now we would expect that that would be closer to $40,000,000

Great. And would that also encompass sort of the stranded cost that $40,000,000 is that sort of the public company cost for new electronics co separate and apart from sort of stranded that you need to get after? Could you just kind of put a finer point on that?

Sure. So when you kind of take a look at our dissynergy, that is predominantly standing up to public companies. So when you kind of compare where our corporate costs are today versus where we expect corporate costs to be in the future, that is a big bulk of it. There's a little bit of it that is in the businesses. As we've said before, it does not include per se stranded costs, but I would tell you that at this point based upon all the work that we've been doing in terms of getting the two organizations ready for day one and kind of having a cost structure that's fit for purpose in terms of their size, we do not expect that to be very material.

Your next question comes from the line of Chris Parkinson from Wolfe Research. Your line is open.

Great. Thank you so much. Just going back to the Water Protection, you hit on this towards the end of your prepared remarks. But can you just give us a little bit more perspective on how you see things shaping up across safety, shelter and water throughout '25 as well as just kind of the key considerations that we should be looking at in terms of potential market outperformance? Thank you so much.

Yes. So I'll answer your question in the new form given that's how we're going to report in 2025. So, for the three pieces within, the new DuPont, the water and healthcare will be about 40% of the portfolio and we expect them to have nice mid to high single digit growth organically in 2025. So, a continued improvement coming off of the bottom that we saw throughout 2024. So we had noted medical packaging got better every quarter and we exited a really nice position, from 2024, the same with water.

So water improved kind of every quarter and we exited in a nice position. We see the destocking that we had telegraphed early in 2024, essentially complete. Then the remaining portion of the portfolio, probably will be around the low single digit growth. So that would encompass the Aramis business, the Shelter business, and then the businesses that we picked up from the Industrial Solutions business within electronics. So overall, nice 3% to four percent organic, definitely outsized within the healthcare and the water portion.

a quick follow-up, just on the interconnect side, you mentioned obviously some AI driven tech benefits. But could you just hit on kind of the key drivers of the remainder of the portfolio? And just any differences based on geography as well?

Yes. Within, electronics within the interconnect business, we had mentioned the AI around the packaging space. There's also a lot of upside that we saw in 2024 and continue to expect in 2025 on the layer. So this was the business that we had acquired back in 2021. It's a lot around thermal management.

So we're looking at as the chips get smaller and then have more intent for us to be able to drive a lot of outperformance on the layer side. So that was key to the growth before and expected to be strong again this year.

Your next question comes from the line of Josh Spector from UBS Financial. Your line is open.

Yes. Hi, good morning. I wanted to ask on the Industrials Co guidance, but specifically on first quarter versus the year. So in your first quarter, it seems like you're guiding for low single digit growth. You just did mid single digit growth in fourth quarter and you have a pretty easy comp in first quarter.

So what am I missing about why that growth shouldn't be higher in first quarter as it relates to the year?

Yes. So the largest piece is within the automotive portion of New DuPont. So overall, last year was still robust for them in Q1 from both the automotive side of the heap and piece as well as within Tedbar within the business. So one of it is a comp, a little bit less of a favorable comp than maybe what you would have expected. Also, if you look at the bill, you're going to go year over year, you're prepared and then you're going to go sequentially.

But the bills in Q1 twenty twenty five are expected to be down more year over year than what they were in Q4 twenty twenty four. So that would meet the expectations. Otherwise, everything else is generally the same between the two quarters.

could just follow-up on cash deployment. You guys haven't bought back stock in about three quarters now, your leverage is low, understanding you're going through everything with the splits, but seems to be an opportunity for you to deploy some cash in a buyback. So why isn't that something that we're doing now?

Yes. So as we mentioned in some prior calls, we do not plan on doing any more share buyback until like at least seven months old separation. I would just be mindful, obviously, there are a lot of cash costs related to the separation. So that's where our cash will be deployed in the near term.

Your next question comes from the line of Patrick Cunningham from Citi. Your line is open.

The pro formas seem to imply the EBITDA margin profile that corporate retained businesses may be high teens, low 20s. I mean, would you characterize these as normal levels? And does it change maybe what the long term margin target would be for the industrials co versus W and

Yes. So you're right. So the businesses that are coming into the new DuPont, so the businesses that were in corporate M and M and then the businesses that were in the industrial portion of C and I had a lower overall margin profile than the heritage businesses. And so, from the corporate M and M businesses that came in, you see how they're right, they were kind of in the high teens, maybe low 20s.

I would say that that benchmark level, if you look into the other existing players, probably you could put it the above. And then the businesses that we picked up from the industrial business, a lot of that would be the spectrum piece that came in through acquisition. And when we had done that acquisition, we said the margins were in the low 20s. So we're right sitting at 23%, twenty four % in 2024% for IndustrialCo. We'll look to continue to drive productivity and mix enrichment.

And then as mentioned earlier in the call, we'll get into more of the margin progress as you would expect for each of the two new companies that they're investing in the fall.

Great. Thank you. And apologies if I missed this, but is there any update on CalRes? How is that business performing? A few quarters of sharp destocking?

And should we expect some rebound there in 2025 helping underpin some of the strong growth rates in the electronics business?

Yeah. I would say mid year twenty twenty five is the one business that we have in the portfolio that hasn't quite gotten through its destock yet. So we're targeting mid year twenty twenty five for that to get back to more normal growth levels.

Your next question comes from the line of Aleksey Yefremov from KeyBanc Capital Markets. Your line is open.

Thank you. Good morning, everyone. How are you thinking about industrials portfolio now that you decided to keep the water business? Any further divestments? Or do you see any interest in bolt ons here?

I mean, as we continue to look at the RemainCo portfolio and looks like it can take Flexi and get it more towards the simplified businesses, it's more exposed to high circular end markets. You'll continue to see portfolio activity, on the nicotine side. And then we'll look to invest in M and A primarily around the healthcare and the water business as we look to outsize our exposure there. So we'll come out at about 40% of sales in the healthcare and water and look to lift that for both M and A and also growth as we move forward.

Great. Thank you. And then a follow-up on electronics. Do you have an assumption for underlying market growth in semi's and interconnect or a target out growth for each of these segments in 2025?

Yes. So in 2025, we see MSI of around mid single digits. And again, we have talked through 2024, but it's a little bit disconnected with respect to wafer starts and wafer consumption because of the inventory levels that were consumed on the chip side. So we see our view of MSI at around 6% growth. We see overall semi fab utilization in the high 70s in 2025.

And then on the ICS side, kind of the combination of the PCB and smartphones we see in the mid single digit range.

DuPont (DD) Q4 2024 Earnings Call Transcript

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