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DowDuPont expects up to $1.3B goodwill charge in Q2

DowDuPont Inc. said it expects to book a pretax goodwill impairment charge of $800 million to $1.3 billion in the quarter ending June 30, reflecting revised financial projections for its industrial biosciences reporting unit.

The company said the revised forecasts reflect unfavorable market conditions, including a demand slowdown in the biomaterials business and challenging conditions in U.S. bioethanol markets.

The impairment charge comes after DowDuPont completed the spinoff of its material sciences division on April 1 as part of its breakup process.

DowDuPont continues to expect to complete the separation of its agriculture business by June 1, after which DowDuPont will retain the specialty products business and will rename it DuPont de Nemours Inc.