DuPont to Buy Laird Performance Materials for $2.3 Billion
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
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 email@example.com
(END) Dow Jones Newswires
March 08, 2021 06:58 ET (11:58 GMT)
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