Shares of DowDuPont (DWDP) - Get Report were falling Wednesday after the industrial conglomerate said it would book an asset impairment charge of between $800 million and $1.3 billion in its current quarter ending in June.
The stock was falling 1.66% to $30.26 a share.
A drop in ethanol prices coupled with weak demand for its biomaterial products were major factors in the asset write-down. The write-down won't impact 2019 guidance, DowDuPont said.
DowDuPont has been executing a split into three separate businesses: agriculture, specialty products and materials sciences. The first spinoff of materials sciences division Dow Inc. (DOW) - Get Report was completed April 1. The separation of its agriculture business, Corteva, is expected to be completed June 1. DowDuPont will retain its specialty products business under its roof and change the name to DuPont de Nemours.
DowDuPont has declined 16% this year.
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