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CNBC Exclusive: Jim Cramer & David Faber Interview DowDuPont’s Andrew Liveris & Ed Breen from CNBC Institutional Investor Delivering Alpha Conference

WHEN: Today, Tuesday, September 12, 2017

WHERE: CNBC's "Squawk on the Street"

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with DowDuPont Executive Chairman Andrew Liveris and DowDuPont CEO Ed Breen live from the CNBC Institutional Investor Delivering Alpha conference in New York City on Tuesday, September 12, 2017. Following are links to the interview on CNBC.com: https://www.cnbc.com/video/2017/09/12/dowdupont-ceo-both-companies-are-very-dividend-friendly.html and https://www.cnbc.com/video/2017/09/12/new-plan-offers-pure-play-market-verticals-dowduponts-andrew-liveris.html.

Mandatory credit: CNBC Institutional Investor Delivering Alpha conference.

FABER: THAT'S A PERFECT INTRO FOR THE GUESTS WHO ARE SITTING TO OUR RIGHT, AT LEAST STAGE RIGHT, CHEMICAL GIANT DOWDUPONT ANNOUNCES THIS MORNING A CHANGE TO ITS PLAN SPLIT INTO THREE SEPARATE BUSINESSES. THE COMPANY SAYS IT WILL MOVE SELECT BUSINESSES FROM ITS MATERIALS DIVISION TO SPECIALTY PRODUCTS THAT COULD CREATE AS MUCH AS $8 BILLION OVERALL IN VALUE. DOWDUPONT EXECUTIVE CHAIRMAN ANDREW LIVERIS AND CEO ED BREEN RIGHT HERE AT DELIVERING ALPHA. GENTLEMAN, THANK YOU FOR COMING OVER.

BREEN: THANKS FOR HAVING US.

FABER: ED, WE WILL SPEAKING TO YOU LATER, AS WELL, JIM AND I, ON STAGE HERE. ANDREW, THANK YOU. WHY NOT HAVE STARTED RIGHT OUT OF THE GATE WITH THIS? WHY HAVE WAITED UNTIL YOU GOT PRESSURE FROM POTENTIALLY THE SAME ACTIVIST KINDS OF INVESTORS WHO WERE TALKING ABOUT IN TERMS OF REALIGNING THE PORTFOLIOS?

BREEN: WELL, I MEAN LOOK, WHEN WE SET THIS UP OVER 20 MONTHS AGO, WHEN WE ANNOUNCED THE DEAL, WE SET IT UP FOR HAVING THREE DIVISIONS: AN AG DIVISION, A SPECIALTY DIVISION, A MATERIAL SCIENCE DIVISION SO WE KNEW WE HAD THE CONSTRUCT RIGHT OF ARCHITECTING AT THE TOP LEVEL HOW WE WANTED TO DO IT BUT THE BEAUTY OF THE LAST 20 MONTHS IS WE HAVE HAD A LOT OF INVESTOR FEEDBACK. WE HAVE HAD OUR OWN STUDY OF THE PORTFOLIO. AS TIME WENT ON, WE JUST KEPT REALIZING, THERE'S SO MANY IDENTICAL END MARKETS BETWEEN MATERIAL GOING AND SPECIALTY GOING. IF WE COULD ALIGN THEM BETTER AND REALLY PUT THE RIGHT END MARKETS TOGETHER, THE POWER WITH OUR CUSTOMER BASE WOULD BE ENORMOUS. AND THAT'S REALLY WHERE WE TRANSITION TO. WE ALWAYS INTENDED WE WERE GOING TO DO A PORTFOLIO REVIEW. YES, WE DID HAVE PRESSURE FROM ACTIVISTS, BUT QUITE FRANKLY WE HAD A LOT OF INVESTORS KEEP RAISING THIS ISSUE WITH US THAT WERE OUR NORMAL LONG-TERM SHAREHOLDERS. AND THAT'S WHAT WE ENDED UP DOING THE STUDY WITH MCKINSEY OVER THE LAST FOUR MONTHS TO GET TO THIS POINT.

CRAMER: NOW, I THINK IT'S IMPORTANT FOR PEOPLE, ANDREW, TO UNDERSTAND THAT THERE'S A DELAWARE COMPANY, A DELAWARE COMPANY AND A COMPANY IN MIDLAND WHICH IS DOW. DO YOU THINK THAT THIS NEW DIVISION MAKES ONE OF THE DIVISIONS LOOK A LOT LIKE DOW?

LIVERIS: NOT REALLY. JUST TO PILE ON TO DAVID'S QUESTION, PURE PLAY MARKET VERTICALS WHERE YOU CAN OFFER WORLD --, BEST IN BREED, GROWTH CAPABILITIES TO YOUR CUSTOMERS IS WHAT THIS REALIGNMENT ENABLES US TO DO. WE WERE ABOUT 80%, 90% RIGHT THE FIRST TIME AROUND. BUT THE WAY ED DESCRIBED IT, WE LISTENED TO INVESTORS, WE DID OUR WORK AND THESE ACTUALLY CREATE GAME-CHANGING, MARKET-DRIVEN COMPANIES IN THE FUTURE. THE MATERIAL SCIENCE COMPANY WILL STILL BE VERY MARKET-DRIVEN. PACKAGING, INFRASTRUCTURE, CONSUMER CARE AS WELL AS BELOW COST AND INTEGRATED. SAME OVER IN SPECIALTIES, BUT DIFFERENT MARKETS. SO WE'VE CLEANED UP THE FACE TO THE CUSTOMER SO WE CAN BE EVEN LEANER, MORE FOCUSED AND DRIVEN. SO IT'S NOT DAD AND MOM'S DOW. THE TEN YEAR AGO DOW WAS VERY COMMODITY-LIKE. THIS IS A MUCH MORE STABLE OWNER. 19 QUARTERS IN A ROW OF EARNINGS GROWTH. SO AT THE END OF THE DAY, WE WILL CONTINUE THAT UNDER MATERIALS. AND WHEN WE CREATE THESE SEPARATE COMPANIES, MATERIALS WILL BE A MUCH MORE STABLE EARNINGS PROFILE COMPANY.

CRAMER: ED, THE SPECIAL DIVISION. IT LOOKS A LOT TO ME LIKE ONE OF MY FAVORITE COMPANIES 3M. IT DOES HAVE ALL THE SEGMENTS THAT INGE THULIN HAS DONE SO WELL WITH. DO YOU THINK IT WILL BE EMBRACED BY PORTFOLIO MANAGERS IN A SIMILAR VEIN BECAUSE BOY, IS THAT A HIGH-PRICED --?

BREEN: SO, I DO. LOOK, AT THE END OF THE DAY, WE HAVE FOUR VERY DISTINCT DIVISIONS NOW THAT WE'RE GOING TO BE A MARKET LEADER IN: TRANSPORTATION, ELECTRONICS, BUILDING AND CONSTRUCTION, NUTRITION AND HEALTH. THEY ARE GREAT END MARKETS, MID-25% TYPE EBIT THE MARGINS, 5% R & D LEVELS, WHICH IS THE SAME AS THE COMPANY YOU JUST MENTIONED. BY THE WAY, RELATIVELY LOW CAPITAL EXPENDITURE, 4% OF SALES, SO THESE ARE REAL ROIC MACHINES, WHICH IS EXACTLY WHAT A 3M IS. SO I WOULD PUT US IN THE PEER SET OF WHAT I CONSIDER THE TOP COMPANIES IN SPECIALTY: 3M, I WOULD PUT HONEYWELL THERE. AND I WOULD PUT DANAHER THERE. AND WITH $21 BILLION IN SALES, WE FIT RIGHT IN THE SWEET SPOT WITH THOSE COMPANIES. AND EVERY METRIC YOU LOOK AT, WE WILL BENCHMARK VERY WELL AGAINST THOSE COMPANIES.

FABER: I WANT TO FAST FORWARD A BIT. YOU ANNOUNCED THIS THIS MORNING. IT'S BEEN WELL RECEIVED BY INVESTORS, INCLUDING SOME OF THE VERY ACTIVISTS, FOR EXAMPLE GLENVIEW PUTTING OUT A VERY POSITIVE REPONSE TO IT. BUT ANDREW, NOW IT'S ON TO, OKAY, HOW LONG TO SPIN THESE THINGS? HAVE YOU CHANGED YOUR TIMELINE AT ALL? ORIGINALLY I THINK IT WAS 18 TO 20 MONTHS. AND ALSO, WHAT SHOULD GO FIRST BECAUSE THERE DOES SEEM TO BE SOME—AT LEAST I HEAR—SOME DISCREPANCY BETWEEN WHAT YOU GUYS MIGHT FAVOR VERSUS WHAT SOME SHAREHOLDERS MIGHT FAVOR?

LIVERIS: SO STABILIZING THE PORTFOLIO, JOB ONE, TWO AND THREE, JUST RECOGNIZE THIS IS A ONCE IN A LIFETIME OPPORTUNITY, NEVER BEEN DONE. 320 YEARS OF CORPORATE HISTORY. I'M VERY PROUD OF WHAT ED AND I AND OUR TEAMS HAVE DONE. WE HAVE GOTTEN TO THE STARTING GATE TODAY. NOW THE QUESTION YOU JUST ASKED, WE'VE GOT A MONTH TO TWO MONTHS WORTH OF WORK. WE COMMITTED TO OUR BOARD TO ANSWER THE QUESTIONS SUCH THAT WE DON'T AFFECT THE TIMING, SUCH THAT WE DON'T AFFECT THE SYNERGIES. IN FACT, AS ED SAID, AND THE QUESTION THAT WAS ASKED BY JIM, SPECIALTY SHOULD HAVE UPSIDE ON GROWTH SYNERGIES, WE WILL DEFINE THOSE. MATERIALS SHOULD HAVE UPSIDE ON BOTH MITIGATING COST TO SYNERGIES AS WELL AS GETTING AT THE GROWTH SYNERGY. SO FRANKLY, OUR GOAL IS TO NOT LET IT AFFECT TIMING, NOT LET IT AFFECT SYNERGIES, BUT WE'VE GOT A WHOLE LOT OF WORK TO DO. RECOGNIZE, THERES 110,000 PEOPLE IN OPERATIONS AND HE AND I WAKE UP EVERY MORNING WORRYING TO MAKE SURE THEY'RE ALIGNED, TO NOT LET ONE CUSTOMER STOP BUYING FROM US AND STILL DRIVE THIS FOR THE GROWTH CURVE.

FABER: ALL RIGHT, BUT WHAT ABOUT AG? SHOULD THAT BE FIRST OUT? WE HAVEN'T EVEN REALLY TALKED ABOUT THAT.

LIVERIS: WE HAVE NOT TALKED ABOUT AG. ED AND I TALK ABOUT THAT A LOT. GO AHEAD AND TALK ABOUT AG.

FABER: IS THAT -- SHOULD THAT BE FIRST OUT THE GATE?

BREEN: WELL, AND IT MIGHT BE. THE CHANGES ARE HAPPENING TO MATERIAL CO AND SPEC CO. THERE'S NO CHANGES COMING ON THE AG SIDE OF IT, SO WHICHEVER WE CAN GET OUT FIRST WE WILL GET OUT BECAUSE IT'S TO THE BENEFIT OF THE SHAREHOLDERS.

FABER: SO THEN, WHAT'S THAT DECISION BASED ON, AS TO WHATEVER YOU'LL GET OUT FIRST?

BREEN: SO, FOR INSTANCE, WHAT WE HAVE TO DO NOW – THERE'S A WHOLE BUNCH OF IT WORK TO UNINTEGRATE AND REINTEGRATE IN DIFFERENT DIVISIONS. WE HAVE A LOT OF LEGAL ENTITY SEPARATION WORK TO DO AND THAT TAKES TIME. AND SO WE'LL NOW BE STARTING THAT ON THIS PART OF THE PORTFOLIO. AG HAS BEEN WELL DOWN THE ROAD ON PUTTING THESE TWO COMPANIES TOGETHER, DOW AND DUPONT.

LIVERIS: TO DIMENSIONALIZE IT, DAVID, IT'S 50 SITES THAT ARE AFFECTED NOW THAT WEREN'T AFFECTED BEFORE, WITH OVER 5,000 PEOPLE. SO OUR JOB IS TO STABILIZE THAT AG SHOULDNT BE AFFECTED, BUT ITS IT SYSTEMS, LEGAL ENTITIES AND THE WORK WE'VE GOT TO DO TO MITIGATE TO SYNERGIES.

CRAMER: WELL, I DID A PIECE LAST NIGHT TALKING ABOUT THE VALUE CREATION YOU GENTLEMAN HAVE BROUGHT, TALKED ABOUT TYCO. ONE THING I DIDN'T COUNT ON WAS MARGIN COMPRESSION FROM INCREASED RAW MART, RAW MATERIAL COST, HEADWINDS FROM LOWER EXPECTED PLANTED CORN ACRES IN BRAZIL. I KNOW THAT THEY WENT FOR SOY. SOFTER CONDITIONS IN GLOBAL PACKAGED FOODS. WHEN I SAW THESE, I KIND OF FELT LIKE I HAD LET OUR VIEWERS DOWN BECAUSE THERE ARE SUBSTANTIVE CUTS IN EARNINGS.

BREEN: THEY ARE VERY MINOR. BY THE WAY, MOST OF THIS IS PUBLIC KNOWLEDGE ALREADY. IT'S BEEN OUT THERE ABOUT THE CORN AND SOYBEAN ACREAGE ISSUE IN BRAZIL. WE'RE JUST CLARIFYING FOR PEOPLE BECAUSE WE NEVER GAVE THIRD QUARTER GUIDANCE, BUT OUR FORECASTS ARE RIGHT IN LINE WITH WHERE WE THOUGHT. AND IN FACT, BY THE WAY, AS YOU WATCH, WE HAVE POSTED 5% TO 6% VOLUME GROWTH THE LAST TWO QUARTERS AND WE'RE FEELING THAT WE'RE STILL RUNNING AT A HEALTHY CLIP RIGHT NOW

LIVERIS: ON THE PACKAGING BUSINESS, RECOGNIZE WE HAVE LOW COST POSITIONS IN SAUDI ARABIA, U.S. GULF COAST. YOU STILL HAVEN'T VISITED OUR TEXAS SITE. ED'S BEEN NOW, HE'S SEEN IT.

CRAMER: WELL, LET'S TALK ABOUT THAT BECAUSE WHAT WENT ON THERE WITH HURRICANE HARVEY?

LIVERIS: ON THAT MODELING GUIDANCE, THERE'S DEFINITELY HURRICANE IMPACT. BUT WE WILL GET OVER HURRICANE IMPACTS. ACTUALLY, WE KEPT FREEPORT RUNNING RIGHT THROUGH HURRICANE.

FABER: DON'T YOU BENEFIT IN PART FROM A RISE IN PETROCHEMICAL PRICES EVENTUALLY AS A RESULT OF – ?

LIVERIS: YOU READ BETWEEN THE LINES OF WHAT I JUST SAID TO JIM. SO LOOK, YEAH, THERE'S ISSUES OUT THERE -- BUT LET US GET AT IT, BUT I DON'T THINK MARGIN COMPRESSION IS A BIG ISSUE FOR US.

FABER: ED, CAPITAL RETURN. NOW THIS IS GOING TO START, I'M SURE. I HAVE SPOKEN TO SOME OF YOUR INVESTORS ABOUT IT, YOU KNOW, THEY'RE TALKING ABOUT $10 BILLION IN FREE CASH FLOW ANNUALLY. WHAT IS THE COMPANY'S PLAN IN TERMS OF ALLOCATION WHEN IT COMES TO EITHER DIVIDEND, RETURN TO CAPITAL THROUGH BUYBACKS?

BREEN: LOOK, THE BOARD HAS BEEN OBVIOUSLY BUSY WITH THIS PORTFOLIO MOVE. I MEAN, WE HAVE DONE SO MANY MEETINGS WITH THEM PRE-MERGER AND THE FIRST WEEK OF THE MERGED COMPANIES. SO NOW WE'RE GOING TO MOVE ON TO SHARE REPURCHASE BUYBACK AND DIVIDEND. AND LOOK, I CAN SAY THIS ON DIVIDEND, BOTH COMPANIES ARE VERY DIVIDEND FRIENDLY COMPANIES PRE THE MERGER. YOU CAN EXPECT THAT THE BOARDS ARE GOING TO ACT THE SAME WAY WHEN IT COMES TO A DIVIDEND MOVING FORWARD. AND THEN SHARE REPURCHASE, WE BOTH HAVE BEEN DOING SHARE REPURCHASE – I'M SURE YOU WILL SEE SOMETHING FROM US THERE. BUT TO BE ANNOUNCED HOPEFULLY IN THE NEXT COUPLE OF MONTHS.

FABER: NEXT COUPLE OF MONTHS. WE'VE GOT A LOT COMING IN THE NEXT COUPLE OF MONTHS, BY THE WAY, YOU'RE GOING TO TELL US.

CRAMER: WE ARE VERY EXCITED ABOUT DOW CORNING BECAUSE IT HAS ALWAYS BEEN A FANTASTIC ASSET. CAN YOU GENTLEMAN EXPLAIN HOW IT WILL BE DIVIDED? THERE'S A DOWNSTREAM WITH VERY HIGH MARGINS. THERE'S AN UPSTREAM THAT PERIODICALLY HAS BEEN A LITTLE UP AND DOWN. WHERE IS THAT GOING?

BREEN: SO WE'RE MOVING ABOUT 40% OF THE EBITA OF DOW CORNING INTO THE SPECIALTY BUSINESS. AND IT'S EXACTLY, JIM, WHAT YOU JUST SAID. WE'RE MOVING SOME HIGH MARGIN BUSINESSES INTO SPEC CO. BUT THE ONES WERE MOVING INTO SPEC CO, THEY LINE UP WITH OUR END MARKET. TSO HEY LINE UP IN SOME OF OUR AUTO MARKETS, THEY LINE UP IN SOME OF THE OUR BUILDING AND CONSTRUCTION MARKET AREAS. AND EVEN IN OUR NUTRITION SIDE A COUPLE, SO THEY FIT LOGICALLY WITH THE END MARKET WITH OUR CUSTOMER THAT'S THE PIECE that moves --

LIVERIS: WHICH IS THE BIG BREAKTHROUGH HERE, WHEN YOU THINK OF VALUE CHAINS, ASSET CENTRIC VERSUS MARKET CENTRIC, WE LOOK AT THE VALUE CHAIN. WE DIDN'T LOOK AT DOW CORNING. WE LOOKED AT SILICONE CHEMISTRY AS A VALUE CHAIN, END USE MARKET DRIVEN OVER TO SPECIALTIES. ASSET CENTRIC, RAW MATERIAL DRIVEN STAY WITH MATERIALS.

CRAMER: NOW, THERE ARE FAMILIAR BRANDS THAT OUR VIEWERS WANT TO KNOW ABOUT. THEY WANT TO KNOW ABOUT TYVEK, KEVLAR, THEY WANT TO KNOW ABOUT THESE DUPONT CREATIONS THAT ARE HOUSEHOLD. WHERE ARE THEY GOING?

BREEN: SO THEY'RE GOING TO BE IN THE PROTECTION SOLUTIONS BUSINESS. LET ME GIVE YOU A GREAT EXAMPLE OF TWO BRAND NAMES THAT ARE COMING TOGETHER. YOU HAVE TYVEK FROM DUPONT, YOU HAVE CORIAN FROM DUPONT, YOU HAVE STYROFOAM FROM DOW AND WE'RE BRINGING THEM TOGETHER FOR THE WHOLE BUILDING AND CONSTRUCTION ENVELOPE MARKET. THAT'S A VERY POWERFUL PLAY. AND OH BY THE WAY, ALSO WHAT COMES WITH DOW IS THEIR SEALANTS, THEIR CAULKING PRODUCTS, THEIR TAPE PRODUCTS FROM THE BUILDING WRAP AROUND A HOME, SO THE POWER OF THESE BUSINESSES COMING TOGETHER WILL BE PHENOMENAL FOR OUR END CUSTOMER. AT THE END OF THE DAY, SPEC CO IS 25% EVEN TO MARGINS GOING HIGHER WITH SYNERGIES, HIGH RETURNS, YOU HAVE TO GET GROWTH AND THIS IS A GROWTH PLAY FOR US .

FABER: WELL THAT'S THE IDEA IS TO HAVE A MUCH HIGHER MULTIPLE ON THE SPECIALTY COMPANY, I WOULD ASSUME, OR AT LEAST THAT SEEMS TO BE WHAT INVESTORS ARE HOPING AND EXPECTING.

BREEN: CORRECT.

FABER: ANDREW, THERE'S BEEN FOCUS ON YOUR EXIT, IN PART AT LEAST. WHEN I SAT DOWN WITH THE TWO OF YOU ON THE DAY THE DEAL WAS ANNOUNCED, YOU INDICATED I BELIEVE IT WAS JUNE OF 17. THAT WAS EXTENDED. WHEN ARE YOU GOING TO LEAVE THIS COMPANY?

LIVERIS: WELL LOOK, OUR OBLIGATION TO SHAREHOLDERS AND OUR WORK THAT WE HAD TO DO WAS NOT DONE. WE GOT DELAYED BY THE REGULATORY SIDE SO OUR BOARD, THE DOW BOARD BEFORE AND NOW THE COMBINED BOARD, STABILITY IS ONE OF MY KEY MANTRAS HERE. I HAVE VERY MUCH STRONG CONFIDENCE IN THE TEAM WE'VE ASSEMBLED. ON THE DOW SIDE, ON THE DUPONT SIDE, HOW THEY'RE WORKING TOGETHER WE JOKE, THERE'S CHEMISTRY BETWEEN THESE TWO MANAGEMENT TEAMS AND BOARD, THE NEW BOARD. SO I WILL FIND A TIME WHEN IT'S THE RIGHT TIME AND REALLY WHAT DRIVES ME TO THAT IS SUCCESSION. YOU HAVE TO GET SUCCESSION RIGHT. ONE OF THE MOST IMPORTANT THINGS ONE DOES, ED DID IT AT TYCO, WE HAVE TO DO IT HERE, IS SUCCESSION, NOT JUST FOR THE CURRENT ENTERPRISE BUT THE THREE WERE GOING TO CREATE.

FABER: YOU HAVE TO RECRUIT MANAGEMENT AND BOARDS AS WELL FOR THOSE COMPANIES.

LIVERIS: YEAH. WE HAVE A LOT OF WORK DONE ALREADY ON SOME OF THAT.

FABER: BUT WHAT IS YOUR SENSE IN TERMS OF TIMING? IS IT APRIL OF NEXT YEAR WHICH I BELIEVE WAS A DATE YOU HAD PUT OUT THERE?

LIVERIS: WHEN I ANNOUNCED THE EXTENSION, WE ANNOUNCED IT TO JULY. I WILL CHECK WITH MY WIFE TO ANSWER YOUR QUESTION SPECIFICALLY. BUT LOOK, I WILL KNOW WHEN THE RIGHT TIME IS. MORE IMPORTANTLY, THE BOARD AND I WILL KNOW TOGETHER.

CRAMER: I HAVE TO MAKE A SUGGESTION. I MEAN, YOU WERE COUNCIL ROCK, I WAS SPRINGFIELD HIGH. THESE ARE ADJOINING SCHOOL DISTRICTS, SO I CAN GIVE YOU ADVICE JUST LIKE WHEN YOU WERE THUMPING US THAT YOU CONSTANTLY DID. YOU HAVE A BUSINESS THAT IS INCREDIBLE, WHICH IS THIS MICROFOOD BUSINESS DO YOU KNOW – YES, LISTEN TO ME.

FABER: I'M LISTENING.

CRAMER: BENNO DORER FROM CLOROX TELLS ME ONE DAY WE WILL ALL BE TAKING EXACTLY WHAT YOU MAKE, WHICH ARE THESE INCREDIBLE PROBIOTIC – I'M TALKING ABOUT -- JUST LIKE WE CARE ABOUT CHOLESTEROL, WE WOULD CARE ABOUT THIS. CAN YOU PLEASE PLAY THIS UP A LITTLE MORE?

BREEN: LOOK, THE PROBIOTICS BUSINESS IS OUR FASTEST GROWING SEGMENT WITHIN NUTRITION AND HEALTH.

CRAMER: THANK YOU!

BREEN: BY THE WAY, WE ARE JUST PENETRATING MARKETS, LIKE LITERALLY 1% PENETRATION IN CHINA. A COUPLE PERCENT IN EUROPE, MUCH BIGGER IN THE U.S. RIGHT NOW. THAT BUSINESS DURING LAST YEAR HAS GROWN CLOSE TO 30% EVERY QUARTER, QUARTER OVER QUARTER. IT'S AN INCREDIBLE BUSINESS. WE JUST INVESTED, ANNOUNCED AN INVESTMENT OF $100 MILLION ALL TO INCREASE CAPACITY IN PROBIOTICS. YOU CAN'T MAKE ENOUGH.

CRAMER: YOU TAKE IT EVERY DAY?

BREEN: I DO.

FABER: PROBIOTICS AND STYROFOAM. WHO WOULD HAVE THOUGHT IT? GENTLEMEN, THANK YOU BOTH SO MUCH. ED BREEN, CEO, ANDREW LIVERIS, EXECUTIVE CHAIRMAN, ON A BIG ANNOUNCEMENT AND I DO LIKE THE DUELING PINS, NOT DUELING, THE DUAL -- DID YOU NOTICE DOW AND DUPONT?

CRAMER: I HAVE TO GET SOME OF THOSE.

FABER: THAT'S COOL STUFF. COMING UP FROM DELIVERING ALPHA, WE WILL HAVE A LOT MORE, INCLUDING BRIDGEWATER'S RAY DALIO. YOU WILL WANT TO HEAR HIS TAKE ON THE INVESTMENT CLIMATE. "SQUAWK ON THE STREET" IS COMING RIGHT BACK.

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