DuPont de Nemours’s pre-conference trading rose 1.6% as the chemical company announced a deal to sell most of its Mobility & Materials business for $ 11 billion to Celanese.
Under the agreement, Celanese will acquire a production network of 29 facilities, customer and supplier agreements, approximately 5,000 employees.
Celanese expects to achieve $ 450 million in synergies within the first four years of the deal, which is expected to take place at the end of 2022.
“M&M has historically been a strong cash flow player,” said Scott Richardson, chief financial officer of Celanese.
“We are confident in our ability to achieve synergies that will allow us to double Celanese cash flow over the next five years.”
Source: Capital
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