WILMINGTON, Del., Nov. 1, 2023
/PRNewswire/ -- DuPont (NYSE: DD) announced that today it will
complete its previously announced sale of an 80.1% ownership
interest in the Delrin® acetal homopolymer (H-POM)
business to an affiliate of TJC LP (TJC) in a transaction valuing
the business at $1.8 billion.
At close, DuPont will receive pre-tax cash proceeds of
approximately $1.28 billion which
includes certain customary transaction adjustments, a note
receivable of $350 million, and will
retain a 19.9% non-controlling common equity interest in the Delrin
business.
DuPont will hold its third quarter earnings conference call
today, November 1st at
8:00 a.m. ET.
About TJC
TJC (formerly known as The Jordan Company,
L.P.), founded in 1982, is a middle-market private equity firm that
has raised funds with original capital commitments in excess of
$23 billion and a 41-year track
record of investing in and contributing to the growth of many
businesses across a wide range of industries including Diversified
Industrials; Technology, Telecom & Power; Logistics &
Supply Chain and Consumer & Healthcare. The senior investment
team has been investing together for over 20 years and is supported
by the Operations Management Group, which was established in 1988
to initiate and support operational improvements in portfolio
companies. TJC has offices in New York, Miami, Chicago and Stamford. For more
information, visit www.tjclp.com.
About DuPont
DuPont (NYSE: DD) is a global innovation leader with
technology-based materials and solutions that help transform
industries and everyday life. Our employees apply diverse science
and expertise to help customers advance their best ideas and
deliver essential innovations in key markets including electronics,
transportation, construction, water, healthcare and worker safety.
More information about the company, its businesses and solutions
can be found at www.dupont.com. Investors can access information
included on the Investor Relations section of the website at
investors.dupont.com.
Cautionary Statement Regarding Forward Looking
Statements
This communication contains "forward-looking
statements" within the meaning of the federal securities laws,
including Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
In this context, forward-looking statements often address expected
future business and financial performance and financial condition,
and often contain words such as "expect," "anticipate," "intend,"
"plan," "believe," "seek," "see," "will," "would," "target," and
similar expressions and variations or negatives of these words.
Forward-looking statements address matters that are, to varying
degrees, uncertain and subject to risks, uncertainties, and
assumptions, many of which that are beyond DuPont's control, that
could cause actual results to differ materially from those
expressed in any forward-looking statements. Forward-looking
statements are not guarantees of future results. Some of the
important factors that could cause DuPont's actual results to
differ materially from those projected in any such forward-looking
statements include, but are not limited to: (i) risks and
uncertainties related to the settlement agreement concerning PFAS
liabilities reached June 2023 with
plaintiff water utilities by Chemours, Corteva, EIDP and DuPont,
including timing of court approval and the level of opt-outs from
the settlement; (ii) risks and costs related to each of the parties
respective performance under and the impact of the arrangement to
share future eligible PFAS costs by and between DuPont, Corteva and
Chemours, including the outcome of any pending or future litigation
related to PFAS or PFOA, including personal injury claims and
natural resource damages claims; the extent and cost of ongoing
remediation obligations and potential future remediation
obligations; changes in laws and regulations applicable to PFAS
chemicals; (iii) ability to achieve anticipated tax treatments in
connection with mergers, acquisitions, divestitures and other
portfolio changes actions and impact of changes in relevant tax and
other laws; (iv) indemnification of certain legacy liabilities; (v)
failure to timely close on anticipated terms (or at all), realize
expected benefits and effectively manage and achieve anticipated
synergies and operational efficiencies in connection with mergers,
acquisitions, divestitures and other portfolio management,
productivity and infrastructure actions; (vi) risks and
uncertainties, including increased costs and the ability to obtain
raw materials and meet customer needs from, among other events,
pandemics and responsive actions; timing and recovery from demand
declines in consumer-facing markets, including in China; adverse changes in worldwide economic,
political, regulatory, international trade, geopolitical, capital
markets and other external conditions; and other factors beyond the
Company's control, including inflation, recession, military
conflicts, natural and other disasters or weather related events,
that impact the operations of the Company, its customers and/or
suppliers; (vii) ability to offset increases in cost of inputs,
including raw materials, energy and logistics; (viii) risks
associated with demand and market conditions in the semiconductor
industry and associated end markets, including from continuing or
expanding trade disputes or restrictions, including on exports to
China of U.S.-regulated products
and technology; (ix) risks, including ability to achieve, and costs
associated with DuPont's sustainability strategy including the
actual conduct of the company's activities and results thereof, and
the development, implementation, achievement or continuation of any
goal, program, policy or initiative discussed or expected; and (x)
other risks to DuPont's business, operations; each as further
discussed in DuPont's most recent annual report and subsequent
current and periodic reports filed with the U.S. Securities and
Exchange Commission. Unlisted factors may present significant
additional obstacles to the realization of forward-looking
statements. Consequences of material differences in results as
compared with those anticipated in the forward-looking statements
could include, among other things, business or supply chain
disruption, operational problems, financial loss, legal liability
to third parties and similar risks, any of which could have a
material adverse effect on DuPont's consolidated financial
condition, results of operations, credit rating or liquidity. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. DuPont assumes no
obligation to publicly provide revisions or updates to any
forward-looking statements whether as a result of new information,
future developments or otherwise, should circumstances change,
except as otherwise required by securities and other applicable
laws.
DuPont™, the DuPont Oval Logo, and all trademarks and service
marks denoted with ™, SM or ® are
owned by affiliates of DuPont de Nemours, Inc. unless otherwise
noted.
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SOURCE DuPont