DuPont Announces Agreement to Divest ~80% Ownership in Delrin Business to TJC
August 21, 2023 | PRNewswireEstimated reading time: 2 minutes
DuPont announced a definitive agreement to sell an 80.1% ownership interest in the Delrin® acetal homopolymer (H-POM) business1 to TJC LP (TJC) in a transaction valuing the business at $1.8 billion.
TJC has received fully committed financing in connection with the transaction, which is expected to close around year-end 2023, subject to customary closing conditions and regulatory approval.
At close, DuPont will receive pre-tax cash proceeds of approximately $1.25 billion, subject to customary transaction adjustments, a note receivable of $350 million, and will own a 19.9% non-controlling common equity interest in the Delrin business.
"Today's announcement largely completes our planned exit of the former M&M segment, advancing our position as a premier multi-industrial company," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. "This transaction is structured to maximize value for our shareholders, providing significant cash proceeds at close to be deployed in line with our strategic priorities while providing an opportunity for DuPont to participate in future upside potential upon exit of our retained equity interest in the Delrin business."
"We are excited to partner with TJC given their successful track record of creating value through an operations-focused approach and are confident in their ability to drive growth and opportunity for employees and customers of the Delrin business," Breen continued.
"Delrin is widely recognized as the material of choice for safety critical and high cost-of-failure applications across diverse end markets," said Ian Arons, TJC Partner. "For over 60 years the Delrin business has leveraged its differentiated technologies and global manufacturing presence to provide its customers high quality, innovative solutions. We are thrilled to have DuPont as a partner, and we look forward to working closely with the entire Delrin team to drive future growth in the business."
The results of operations of the Delrin business will continue to be presented as discontinued operations in DuPont's consolidated financial statements through transaction closing.
Goldman Sachs & Co. LLC is serving as DuPont's financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel. Citi is acting as financial advisor and Kirkland & Ellis LLP are serving as legal counsel to TJC.
Appropriate works council information and consultation processes are underway in connection with the transaction. As is customary in connection with certain works council requirements in the Netherlands, TJC has agreed to buy the Delrin® business in the Netherlands if DuPont exercises a put option under the definitive agreements after completing the required works council consultation process.
Testimonial
"We’re proud to call I-Connect007 a trusted partner. Their innovative approach and industry insight made our podcast collaboration a success by connecting us with the right audience and delivering real results."
Julia McCaffrey - NCAB GroupSuggested Items
Marcy’s Musings: The Legislative Outlook—Helping or Hurting?
10/20/2025 | Marcy LaRont -- Column: Marcy's MusingsJust before we were ready to publish our October issue of PCB007 Magazine, some breaking news from the White House, unfortunately (but perfectly) parlayed into why the topic of this month’s issue has been so important to cover in great depth.
Our Legislative Outlook: PCB007 Magazine October 2025 Issue
10/16/2025 | I-Connect007 Editorial TeamMost agree that we are experiencing an unprecedented time in global business and economics, with rules and laws that open doors to business but can complicate operations and make profitability more challenging. This month, PCB007 Magazine features some of today’s leading experts on legislative issues affecting the electronics industry, including rules and laws, trade, sustainability, business expansion, grants, and more in the U.S., Europe, and China.
It’s Only Common Sense: Stop Whining About the Market—Outwork It
10/06/2025 | Dan Beaulieu -- Column: It's Only Common SenseWhenever the market hiccups or the industry cycle dips, I hear the same tired chorus: “The market is down. Customers aren’t buying. What can we do? We just have to wait it out.” Nonsense. If you think that by showing up, opening your doors, and waiting for the economy to smile kindly upon you, that success will follow, you are in the wrong business. Worse yet, you’re living in the wrong mindset. Most people don’t want to hear the truth that winners find business in down cycles. Losers blame the economy.
Dan’s Biz Bookshelf: 'A View from the Top: Moving from Success to Significance'
10/02/2025 | Dan Beaulieu -- Column: Dan's Biz BookshelfOnce in a while, a book comes along that reminds you why you started down this road of business and leadership. Zig Ziglar’s "A View from the Top" is that book. It’s not just about business and motivation. It’s about living a life that counts—for your family, your company, your community, and yourself. Ziglar delivers this book in his typical fashion, with the punch of hard-earned wisdom, a bit of humor, and a lot of common sense.
Punching Out: Entrepreneurship Through Acquisition Buyers for PCB/EMS Shops
09/24/2025 | Tom Kastner -- Column: Punching Out!A growing trend in the U.S. is the rise of Entrepreneurship Through Acquisition (ETA) buyers for every business under the sun. Just as private equity firms have been active in a wide range of industries, ETA buyers have picked up their interest in both PCB and EMS companies.