Subdivision sale
Shares in DuPont de Nemours Inc. (NYSE:DD) rose 1.6 percent in premarket trading Friday after the chemical company announced an agreement to sell most of its Mobility and Materials (M&M) business for $11 billion in cash to Celanese Corp.
As part of the deal, Celanese will acquire a production network of 29 facilities, contracts and agreements with customers and suppliers, and some 5,000 employees in manufacturing, technical and commercial organisations.
It is worth noting that Celanese expects to generate synergies of $450m in the first four years after the deal closes, which is expected to occur in late 2022.
"M&M has historically been a strong cash flow generator," said Celanese chief financial officer Scott Richardson.
At Dupont Mobility and Materials combine engineering, physics and chemistry to provide innovative materials science with in-depth research into materials discovery, development and performance.
DuPont de Nemours company is a chemical company that was founded in 1802. Today the company is headquartered in Wilmington, Delaware. The CEO of DuPont de Nemours is Edward D. Breen. Erik Hoover is the senior vice president and general counsel of the company.
