DuPont divesting materials segment to Celanese

DuPont will execute an announced materials and mobility divestiture in two transactions; with over 80% to Celanese.

DuPont has a definitive agreement with Celanese Corporation, USA, to divest a majority of the mobility and materials segment including the Engineering Polymers business line and select product lines within the Performance Resins and Advanced Solutions business lines for US$11.0 bln in cash.

The transaction is expected to close around the end of 2022, subject to customary closing conditions and regulatory approvals.

‘The transaction will create a market-leading portfolio serving the automotive, consumer and industrial markets with unmatched scale, manufacturing capability and technical expertise,’ according to Ed Breen, Executive Chairman and Chief Executive Officer of DuPont.

DuPont intends to use the net proceeds from the divested businesses to fund the previously announced acquisition of Rogers Corporation and other activities.