WILMINGTON, Del., and
SEOUL, South Korea, Sept. 10, 2019 /PRNewswire/ -- DuPont
Electronics & Imaging (E&I) today announced it has signed
an agreement to sell its Compound Semiconductor Solutions (CSS)
business to SK Siltron, a leading silicon wafer supplier to the
semiconductor market based in South
Korea. The transaction is expected to close by the end of
2019, subject to customary regulatory approvals for closing.
The transaction is consistent with DuPont's strategy of active
portfolio management and disciplined capital allocation to further
align the company's portfolio with high return opportunities.
"The DuPont CSS business has state-of-the-art technologies for
SiC wafer production to serve the power electronics market, but it
is not a strategic priority for the E&I business," said
Jon Kemp, President, DuPont
Electronics & Imaging. "Given its strategic focus, we believe
SK Siltron will be a better owner and that the CSS business will
thrive under SK Siltron's ownership."
About DuPont Electronics & Imaging
DuPont
Electronics & Imaging is a global supplier of materials and
technologies serving the semiconductor, advanced chip packaging,
circuit board, electronic and industrial finishing, display, and
digital and flexographic printing industries. From advanced
technology centers worldwide, teams of talented research scientists
and application experts work closely with customers, providing
solutions, products and technical service to enable next-generation
technologies. More information about DuPont Electronics &
Imaging can be found on our electronic solutions and advanced
printing websites.
About DuPont
DuPont (NYSE: DD) is a global innovation
leader with technology-based materials, ingredients 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, health
and wellness, food and worker safety. More information can be found
at www.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.
On April 1, 2019, the company
completed the separation of its materials science business into a
separate and independent public company by way of a pro rata
dividend-in-kind of all the then outstanding stock of Dow
Inc. (the "Dow Distribution"). The company completed the
separation of its agriculture business into a separate and
independent public company on June 1,
2019, by way of a pro rata dividend-in-kind of all the then
outstanding stock of Corteva, Inc. (the "Corteva
Distribution").
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) ability and costs
to achieve all the expected benefits from the Dow Distribution and
the Corteva Distribution (together, the "Distributions"); (ii)
restrictions under intellectual property cross license agreements
entered into in connection with the Distributions; (iii)
non-compete restrictions agreed in connection with the
Distributions; (iv) the incurrence of significant costs in
connection with the Distributions, including costs to service debt
incurred by the Company to establish the relative credit profiles
of Corteva, Dow and DuPont and increased costs related to supply,
service and other arrangements that, prior to the Dow Distribution,
were between entities under the common control of DuPont; (v) risks
related to indemnification of certain legacy liabilities of E. I.
du Pont de Nemours and Company ("Historical EID") in connection
with the Corteva Distribution; (vi) potential liability arising
from fraudulent conveyance and similar laws in connection with the
Distributions; (vii) failure to effectively manage acquisitions,
divestitures, alliances, joint ventures and other portfolio
changes, including meeting conditions under the Letter Agreement
entered in connection with the Corteva Distribution, related to the
transfer of certain levels of assets and businesses; (viii)
uncertainty as to the long-term value of DuPont common stock; (ix)
potential inability or reduced access to the capital markets or
increased cost of borrowings, including as a result of a credit
rating downgrade and (x) other risks to DuPont's business,
operations and results of operations including from: failure to
develop and market new products and optimally manage product life
cycles; ability, cost and impact on business operations, including
the supply chain, of responding to changes in market acceptance,
rules, regulations and policies and failure to respond to such
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and other commitments and contingencies; failure to appropriately
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economic and capital market conditions, including the continued
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actions; impairment of goodwill or intangible assets; the
availability of and fluctuations in the cost of energy and raw
materials; business or supply disruption, including in connection
with the Distributions; security threats, such as acts of sabotage,
terrorism or war, natural disasters and weather events and patterns
which could result in a significant operational event for DuPont,
adversely impact demand or production; ability to discover, develop
and protect new technologies and to protect and enforce DuPont's
intellectual property rights; unpredictability and severity of
catastrophic events, including, but not limited to, acts of
terrorism or outbreak of war or hostilities, as well as
management's response to any of the aforementioned factors. These
risks are and will be more fully discussed in DuPont's current,
quarterly and annual reports and other filings made with the U.S.
Securities and Exchange Commission, in each case, as may be amended
from time to time in future filings with the SEC. While the list of
factors presented here is considered representative, no such list
should be considered a complete statement of all potential risks
and uncertainties. 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 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. A detailed discussion of some of
the significant risks and uncertainties which may cause results and
events to differ materially from such forward-looking statements is
included in the section titled "Risk Factors" (Part II, Item 1A) of
DuPont's Quarterly Report on Form 10-Q filed on August 6, 2019 as may be modified by DuPont's
subsequent quarterly reports on Form 10-Q and current reports on
Form 8-K.
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SOURCE DuPont