Celanese Corporation, a global chemical and specialty materials company said it has signed a definitive agreement to acquire a majority of the Mobility & Materials (“M&M”) business of DuPont for $11.0 billion in cash.
It will acquire a broad portfolio of engineered thermoplastics and elastomers, industry-renowned brands and intellectual property, global production assets, and a world-class organization. “The acquisition of the M&M business is an important strategic step forward and establishes
Celanese as the preeminent global specialty materials company,” said Lori Ryerkerk, Chairman and CEO. “For nearly a decade, we have implemented, enhanced, and increasingly extended the engineered Materials (“EM”) commercial model to generate shareholder value. M&M will be a high-quality addition to EM and will unlock significant opportunities to generate further customer and shareholder value.”
Tom Kelly, Senior Vice President, Engineered Materials said, “This acquisition greatly enhances the EM product portfolio by adding new polymers, industry-renowned brands, leading product technology and backward integration in critical polymers.”
In a press note, the company said that the M&M business is a leading global producer of engineering thermoplastics and elastomers serving a variety of end-uses including automotive, electrical and electronics, consumer goods, and industrial applications. The acquired M&M product portfolio includes numerous specialty materials with global leadership positions in nylons (PA 66, PA 6), specialty nylons (HPPA, LCPA, filaments), polyesters (PET and PBT), and elastomers (TPC and EAE). The M&M portfolio is highly functionalized to meet a wide variety of application specifications and is supported by a leading intellectual property portfolio and technology organization. According to the terms of the definitive agreement, Celanese will acquire a majority of the M&M business for a purchase price of $11.0 billion on a cash-free, debt-free basis.
As part of the transaction, Celanese will acquire the following:
• A global production network of 29 facilities, including compounding and polymerization
• Customer and supplier contracts and agreements
• Industry-leading intellectual property portfolio including approximately 850 patents with
associated technical and R&D assets
• About 5,000 highly-skilled employees across the manufacturing, technical, and commercial organisations