MIDLAND, Michigan and WILMINGTON, Delaware - DuPont (NYSE: DD) and The Dow Chemical Co. (NYSE: DOW) have officially closed their $130 billion merger. The combined company, DowDuPont (NYSE: DWDP), will now begin work on spinning out into three, independently-traded entities.

DowDuPont Executive Chairman Andrew Liveris calls the closing "a significant milestone in the storied histories of our two companies." In a release, he says "the true value of this merger lies in the intended creation of three industry powerhouses that will define their markets and drive growth for the benefit of all stakeholders."

The 18-month spinoff process is expected to result in three companies. The first would be an agriculture company including DuPont Pioneer, DuPont Crop Protection and Dow AgroSciences. It will be headquartered in Wilmington, Delaware, and have operating centers in Indianapolis and Iowa. The second, a materials science company based in Midland, Michigan, will consist of several Dow operating segments as well as DuPont's Performance Materials segment. The third will be a specialty products company involving several DuPont units and Dow's Electronic Materials unit. It will be headquartered in Wilmington, Delaware.

In May, the companies named the board of directors for DowDuPont. Several senior leadership appointments were announced in May 2016.