By Colin Kellaher

 

DuPont de Nemours Inc. on Monday said it agreed to buy Laird Performance Materials, a provider of electromagnetic-shielding and thermal-management components and solutions, from private-equity firm Advent International for $2.3 billion.

The Wilmington, Del., conglomerate said the acquisition, which it plans to fund with cash on hand, will bolster its position in advanced electronic materials for key markets, including smart/autonomous vehicles, 5G telecommunications, artificial intelligence, internet of things and high-performance computing.

DuPont said Laird, which has more than 4,300 employees and 11 manufacturing sites around the world, generated revenue of $465 million last year.

The company said it expects to complete the acquisition in the third quarter, adding that it expects $60 million in pretax run-rate cost synergies by the end of 2024.

Global buyout firm Advent, which oversees $66 billion in assets, acquired Laird in 2018.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

March 08, 2021 06:58 ET (11:58 GMT)

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