Materials and chemicals maker DuPont De Nemours Inc is in advanced talks to sell its Delrin resins unit to private equity firm The Jordan Company for about $1.8 billion, Bloomberg News reported on Sunday, citing people familiar with the matter.
Jordan Company could announce the deal as soon as this week, the report said, adding that no final decision has been made and that talks could still fall apart.
Lone Star and Platinum Equity were the other bidders for the assets, Bloomberg News had reported earlier in the month.
DuPont had earlier this month raised its 2023 sales forecast betting on demand picking up for its materials used to make a wide range of products including automotive components and semiconductors. The company had in May said that it doesn’t see any M&A deal over the next year.
Delrin acetal homopolymer from DuPont is used for high-load mechanical applications such as gears, safety restraints, door systems, conveyor belts, healthcare delivery devices, and other demanding products and parts.
Dupont and Jordan Company did not immediately respond to Reuters’ request for comment.
Source: Reuters.com