Celanese nears deal to buy DuPont’s mobility and materials unit – Bloomberg News

FILE PHOTO: FILE PHOTO: FILE PHOTO: A DuPont logo is pictured on the research center in Meyrin near Geneva
FILE PHOTO: A DuPont logo is pictured on the research center in Meyrin near Geneva August 4, 2009. REUTERS/Denis Balibouse

February 18, 2022

(Reuters) -Specialty chemicals company Celanese Corp is nearing a deal to buy DuPont de Nemours Inc’s mobility and materials unit for more than $10 billion, Bloomberg News reported on Thursday, citing people familiar with the matter.

The deal may be announced as soon as Friday, the report said.

Celanese and DuPont did not immediately respond to Reuters’ requests for comment.

DuPont’s mobility and materials division, which makes products ranging from heat-resistant car engine covers to structural adhesives, generated about 30% of the company’s annual sales reported earlier this month.

DuPont, once part of the erstwhile chemical giant DowDuPont, has been simplifying its portfolio. It has separated its nutrition and biosciences business, agreed to divest two other businesses, and struck a deal to buy Laird Performance Materials for $2.3 billion in July.

Celanese shares were up 3% at $157.52 in extended trading. DuPont shares were flat.

(Reporting by Ruhi Soni in Bengaluru; Editing by Aditya Soni and Sherry Jacob-Phillips)

View original article here Source