DuPont up on sale of mobility and materials unit to Celanese
18/02/2022 11:33
** Shares of chemical maker DD.N up as much as 1.6% at $81
premarket; Celanese up 3.3% at $158
** DD to sell mobility and materials unit for $11 billion to
Celanese Corp CE.N , as industrial materials maker continues to
tweak its portfolio to focus on electronics, automotive and
water solutions
** CEO Ed Breen, a well-known deal maker, has been building
out DuPont's high-margin businesses such as electronics and
water solutions
** DuPont intends to use portion of net proceeds from deal
to fund previously announced acquisition of Rogers Corp
** Deal expected to close around 2022 end, generate ~$450
million of synergies and immediately add to adjusted EPS
-Celanese
(Reporting by Rithika Krishna in Bengaluru)
((Rithika.Krishna@thomsonreuters.com; Twitter: https://twitter.com/rithika_krishna;))