10 December 2014
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DETAILS
DuPont Performance Polymers and
DENKA (Denki Kagaku Kogyo K.K. TSE:4061)
announced they have signed a definitive agreement to
sell DuPont™ Neoprene polychloroprene
to Denka Performance Elastomer LLC,
a new joint venture company
owned 70 percent by DENKA and 30 percent by Mitsui
(Mitsui & Co., Ltd. TSE:8031).
The sale is expected to close in the first half of 2015
pending receipt of customary regulatory approvals.
Financial terms of the deal are not being disclosed.
Neoprene,
invented by DuPont in 1931,
is a synthetic rubber used for
many chemical and weather-resistant products such as
wet suits and orthopedic braces.
It also is used as a base resin in
adhesives, electrical insulation and coatings.
DuPont is a leading producer of
Neoprene polychloroprene in North America
through manufacturing operations
at its Pontchartrain Works site in La Place, La.
Approximately 235 employees in the United States
will be included in the transaction.
Outline of Acquisition from Denka
We will acquire from DuPont its CR business,
a part of DuPont’s performance polymers segment.
The outline of the Acquisition is as follows:
(1) Business of manufacture and sales of CR,
owned by DuPont
(2) Location of Plant: Pontchartrain plant located at
La Place, Louisiana, U.S.
(3) Number of Employees Approx. 235 employees
* The acquisition price is scheduled to be
from JPY10 billion to JPY14 billion
* We expect the size of DENKA’s CR business
after acquisition to be approximately JPY50 billion
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