The deal is valued at $1.8 billion and is expected to close near the end of the year.
The materials manufacturer DuPont confirmed that it has agreed to sell an 80.1% ownership interest in Delrin, an acetal homopolymer business, to the private-equity firm TJC LP.
The deal is valued at $1.8 billion and is expected to close around year-end 2023, according to a press release. When the deal is closed, DuPont will receive pretax cash proceeds of approximately $1.25 billion, subject to customary transaction adjustments, plus a note receivable of $350 million. It will own a 19.9% noncontrolling equity stake in the Delrin business.
“This transaction is structured to maximize value for our shareholders, providing significant cash proceeds at close to be deployed in line with our strategic priorities while providing an opportunity for DuPont to participate in future upside potential upon exit of our retained equity interest in the Delrin business,” said CEO Ed Breen.
Shares of DuPont were 1.4% higher in premarket trading. Coming into Monday’s session, the stock had climbed 9.9% this year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DuPont near deal to sell its Delrin unit for about $1.8 billion: reportChemical and industrial giant DuPont de Nemours Inc. is in talks to sell its resins unit, Delrin, to the Jordan Co., a private-equity firm, for about $1.8...
Read more »
DuPont confirms plans to sell 80.1% ownership interest in DelrinDuPont de Nemours Inc. confirmed Monday morning that it plans to sell an 80.1% ownership interest in Delrin, an acetal homopolymer business, to TJC LP. The...
Read more »
Jaylen Brown sent thank-you notes to All-NBA media voters after cashing supermaxJaylen Brown is spreading the good vibes all around.
Read more »
This business owner can retire with peace of mind, ‘knowing the company is in good hands’The founder and chairman of American Pacific Mortgage in California sold the company to its employees through a partial employee stock ownership plan.
Read more »
Louisiana Hair Braiders Say Regulatory Overreach Is Destroying Their BusinessIf regulators can come after lower-income professionals at safe, responsible businesses, they can criminalize anyone.
Read more »
4 events in Utah Valley to help you network and strengthen your small businessIf you aren't sure if participating in your local Chamber is worth your investment, you should know that membership comes with several benefits, both direct and indirect.
Read more »