DuPont to sell 80% of Delrin unit to TJC (updated)

Rogers

21/08/2023 12:14

(Adds details and background on deal in paragraphs 2 to 4)
       Aug 21(Reuters) - Chemical maker DuPont De Nemours
 DD.N  said on Monday it has agreed to sell 80% of its Delrin
resin unit to private equity firm TJC, formerly known as The
Jordan Company, in a transaction valuing the business at $1.8
billion.
    Delrin, an acetal homopolymer with higher tensile strength,
is a preferred substitute for metal parts and used in products
ranging from gear wheels to insulin pens. 
        The deal marks another step towards DuPont CEO ED
Breen's goal of doubling down on the company's electronics and
water solutions businesses.
  
        DuPont is expected to receive cash proceeds of about
$1.25 billion after the deal's close, which is expected around
the end of the year.
  

 (Reporting by Sourasis Bose in Bengaluru; Editing by Pooja
Desai)
 ((Sourasis.Bose@thomsonreuters.com;))