DuPont To Buy Laird Performance For $2.3 Billion: Report

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  • The sales in DuPont’s electronics and imaging business, which account for about 20 per cent of total revenue, rose 9 per cent to $1.02 billion in the fourth quarter from a year earlier
  • The company said in February that it plans to spend up to $2.5 billion of its $5 billion to $6 billion expected cash on mergers and acquisitions

As per a report by Reuters, DuPont said that it would Laird Performance Materials for $2.3 billion from private equity firm Advent International. The report added that rapidly increasing demand for these materials also used in high-performance computing, artificial intelligence, and internet of things has led to electronics becoming a prime growth area for DuPont.

The report added that the company last month forecast full-year profit and revenue above Wall Street expectations. This was due to robust demand from chip companies and smartphone makers launching 5G handsets. As per the report, the sales in DuPont’s electronics and imaging business, which account for about 20 per cent of total revenue, rose 9 per cent to $1.02 billion in the fourth quarter from a year earlier

Spend up to $2.5 billion of its $5 billion to $6 billion expected cash on mergers and acquisitions

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As per the report, the company said in February that it plans to spend up to $2.5 billion of its $5 billion to $6 billion expected cash on mergers and acquisitions. It also said that it is working on two targets, adding it was more biased toward the electronics sector and to the electric vehicle space on the automotive side.

The report added that the company expects to realize about $60 million in pre-tax run-rate cost synergies by the end of 2024. The majority realized in the first 18 months after the deal closes, which is expected in the third quarter of 2021. The report said that the estimated one-time cost to achieve these synergies is about $40 million. DuPont expects the deal to be accretive to its operating core earnings margins, free cash flow, and adjusted earnings per share within the first 12 months.

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