DuPont Completes M&M Divestiture to Celanese

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Rhea-AI Summary

On November 1, 2022, DuPont (NYSE: DD) finalized the sale of its Mobility & Materials segment to Celanese for $11 billion in cash. This divestiture, part of a strategy to streamline operations, was officially announced on February 17, 2022, and has been reported as discontinued operations since Q1 2022. DuPont plans to disclose the intended use of the proceeds during its third quarter 2022 earnings call on November 8, 2022.

Positive

Completed divestiture of Mobility & Materials segment for $11 billion.
Focus on streamlining operations could enhance overall company performance.

Negative

None.

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11/01/2022 - 09:13 AM EDT

WILMINGTON, Del., Nov. 1, 2022 /PRNewswire/ -- DuPont (NYSE:DD) today completed the previously announced divestiture of the majority of its former Mobility & Materials segment (the "M&M Business" or the "M&M Divestiture") to Celanese for a purchase price of $11 billion in cash, subject to customary transaction adjustments in accordance with the transaction agreement dated February 17, 2022.

The results of the M&M Business were reclassified and reported as discontinued operations beginning in first quarter 2022 for current and historical periods.

The Company will provide further information, including intended use of proceeds, as part of its upcoming third quarter 2022 earnings conference call scheduled for November 8, 2022.

About DuPont
DuPont (NYSE: DD) is a global innovation leader with technology-based materials 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, healthcare and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.

DuPont^TM and all products, unless otherwise noted, denoted with ^TM, ^SM or ® are trademarks, service marks or registered trademarks of affiliates of DuPont de Nemours, Inc.

View original content to download multimedia:https://www.prnewswire.com/news-releases/dupont-completes-mm-divestiture-to-celanese-301664754.html

SOURCE DuPont

FAQ

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What is the amount DuPont received from the divestiture to Celanese?

DuPont received $11 billion in cash for the divestiture.

When was the divestiture of the Mobility & Materials segment announced?

The divestiture was announced on February 17, 2022.

When will DuPont discuss the use of proceeds from the divestiture?

DuPont will discuss the intended use of proceeds during its earnings call on November 8, 2022.

How will the divestiture affect DuPont's financial reporting?

The Mobility & Materials segment results will be reported as discontinued operations.

DuPont Completes M&M Divestiture to Celanese