The US chemical company DuPont has finalised the sale of the majority shareholding in its former POM homopolymer business for the "Delrin" brand to the investment group The Jordan Company (TJC).
DuPont announced this in a press release at the beginning of the month. Accordingly, TJC now controls 80.1 percent of the shares in the Delrin business, while DuPont retains a 19.9 percent stake. The transaction values the business at a total of around USD 1.8 billion. DuPont will receive approximately USD 1.28 billion in cash for the majority stake as well as a bond for a further USD 350 million. The corresponding agreement was signed in August of this year.
With Delrin, TJC is taking over two polymerisation plants in the US state of West Virginia and in the Netherlands as well as several compounding plants and technology centres at various locations in the USA, Europe and Asia with a total of around 600 employees. The Delrin business was part of DuPont's Mobility & Materials (M&M) division, the majority of which was taken over by the US chemicals group Celanese last year.
POM homopolymers of the Delrin brand are engineering thermoplastics with high toughness, high mechanical strength and stiffness, dimensional stability as well as good electrical insulation properties and excellent resistance to moisture and chemicals.
Under the umbrella of TJC, Delrin will be managed as an independent company by Jürgen Pongratz, who previously worked for Celanese, BASF and ILC Dover, among others. According to a press release, TJC plans further growth at Delrin through innovative developments in co-operation with customers and through investments in the company's technologies and capacities.
TJC's portfolio includes investments in companies in various industries with a total value of more than USD 22 billion. Founded in 1982, the company has offices in New York, Miami, Chicago and Stamford, Connecticut.
DuPont, which is listed on the New York Stock Exchange, reported a net profit of USD 476 million from sales of USD 9.17 billion for the first nine months of the 2023 financial year. For the full financial year, the Wilmington, Delaware-based company expects sales of around USD 12.2 billion.
DuPont, Wilmington, Delaware, USA
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