: DuPont confirms plans to sell 80.1% ownership interest in Delrin


DuPont de Nemours Inc. DD, +0.76% confirmed Monday morning that it plans to sell an 80.1% ownership interest in Delrin, an acetal homopolymer business, to TJC LP. The deal values Delrin at $1.8 billion. Upon closing the transaction, DuPont will receive about $1.25 billion in pre-tax cash proceeds as well as a note receivable of $350 million. The chemical giant will also keep a 19.9% non-controlling common equity interest in the 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,” DuPont Chief Executive Ed Breen said in a release. Bloomberg News had reported late Sunday that the two companies were in advanced deal talks. DuPont shares were up 0.8% in premarket trading Monday.

This article was originally published by Marketwatch.com. Read the original article here.

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