WILMINGTON (dpa-AFX) - Chemical company DuPont De Nemours & Co. (DD) Friday announced that it has entered into a definitive agreement to divest majority of Mobility & Materials Segment to Celanese Corp. (CE) for $11.0 billion in cash.
The divesting business includes the Engineering Polymers business line and select product lines within the Performance Resins and Advanced Solutions business lines. Combined, these businesses generated net sales of approximately $3.5 billion and operating EBITDA of around $0.8 billion in 2021.
The deal is subject to customary transaction adjustments in accordance with the definitive agreement.
The transaction is expected to close around the end of 2022, subject to customary closing conditions and regulatory approvals.
Further, DuPont said it is separately advancing the process to divest the Delrin business which was included in the scope of the strategic review process the company announced on November 2, 2021. The Delrin business generated net sales of approximately $0.55 billion. The company is targeting a closing date for the sale of Delrin in the first quarter 2023.
The Auto Adhesives, Multibase and Tedlar product lines within the Mobility & Materials segment are not included in the sale. Beginning in the first quarter 2022, DuPont will report the retained M&M businesses in Corporate for current and historical periods.
Prior to reporting its first quarter 2022 results, DuPont will update its first quarter and full year 2022 outlook to reflect the impact of classifying the divested M&M businesses as discontinued operations.
DuPont said it intends on using the net proceeds from the divested M&M businesses to fund the previously announced acquisition of Rogers Corp. and further M&A opportunities.
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