WILMINGTON, Del., July 1, 2021 /PRNewswire/ -- DuPont (NYSE:
DD) today announced that it has successfully completed the
acquisition of Laird Performance Materials, a world leader in
high-performance electromagnetic shielding and thermal management
solutions.
"I'm pleased to welcome our very talented Laird Performance
Materials colleagues to DuPont," said Ed
Breen, Executive Chairman and Chief Executive Officer of
DuPont. "The addition of Laird Performance Materials significantly
strengthens the DuPont Electronics & Industrial (E&I)
segment and is another meaningful step in advancing our strategy to
grow as a global innovation leader and premier multi-industrial
company. I'm excited about the next chapter as we continue to drive
growth in high margin markets to create long-term value for
shareholders."
As previously announced, with 2020 revenues of $465 million and a global workforce of
approximately 4,300 employees, Laird Performance Materials will be
integrated into DuPont Electronics & Industrial's Interconnect
Solutions (ICS) business. Laird Performance Materials'
electromagnetic shielding and thermal management offerings
complement ICS' portfolio in flexible laminates, dry film
photoresist, specialty films, and plating chemistries.
"This acquisition positions DuPont as an essential partner for
major electronics OEMs by combining applied materials science
expertise together with application engineering
capabilities," said Jon Kemp,
President, DuPont E&I. "Together, the combined organization
will advance our leadership in accelerating the adoption of
high-performance computing, artificial intelligence, 5G
telecommunications, smart/autonomous vehicles, and the internet of
things. It also expands our product and solution portfolio across
the electronics value chain and builds our expertise in key
technologies critical to enabling the next generation
of electronic devices and infrastructure."
With the addition of Laird Performance Materials, DuPont is well
positioned to leverage its expanded customer base and global scale
to increase speed to market, create new efficiencies in the
development of integrated and multi-functional solutions, and
provide high value next-generation products that will deliver
additional growth over the next several years. We believe customers
will see immediate benefits as the combined E&I organization
engages across value chains to address the increasingly complex
challenges leading OEMs face in thermal management, signal
integrity, miniaturization, power management, and reliability.
DuPont will further discuss this transaction during its upcoming
second quarter earnings call.
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
www.investors.dupont.com.
DuPont™, the DuPont Oval Logo, and all trademarks and service
marks denoted with ™, SM or ® are owned by affiliates of DuPont de
Nemours, Inc. unless otherwise noted.
Cautionary Statement Regarding Forward Looking
Statements
This communication contains "forward-looking statements" within
the meaning of the federal securities laws, including Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. In this context,
forward-looking statements often address expected future business
and financial performance and financial condition, and often
contain words such as "expect," "anticipate," "intend," "plan,"
"believe," "seek," "see," "will," "would," "target," and similar
expressions and variations or negatives of these words.
On April 1, 2019, the Company
completed the separation of the materials science business through
the spin-off of Dow Inc., ("Dow") including Dow's subsidiary The
Dow Chemical Company (the "Dow Distribution"). On June 1, 2019, the Company completed the
separation of the agriculture business through the spin-off of
Corteva, Inc. ("Corteva") including Corteva's subsidiary E. I. du
Pont de Nemours and Company ("EID"), (the "Corteva Distribution and
together with the Dow Distribution, the "DWDP Distributions").
On February 1, 2021, the Company
completed the divestiture of the Nutrition & Biosciences
("N&B") business to International Flavors & Fragrance Inc.
("IFF") in a Reverse Morris Trust transaction (the "N&B
Transaction") that resulted in IFF issuing shares to DuPont
stockholders.
On July 1, 2021, DuPont completed
the previously announced acquisition of the Laird Performance
Materials business, (the "Laird PM Acquisition").
Forward-looking statements address matters that are, to varying
degrees, uncertain and subject to risks, uncertainties and
assumptions, many of which that are beyond DuPont's control, that
could cause actual results to differ materially from those
expressed in any forward-looking statements. Forward-looking
statements are not guarantees of future results. Some of the
important factors that could cause DuPont's actual results to
differ materially from those projected in any such forward-looking
statements include, but are not limited to: (i) the ability to
achieve expected benefits, synergies and operating efficiencies in
connection with the Laird PM Acquisition within the expected time
frames or at all or to successfully integrate the Laird Performance
Materials business; (ii) ability to achieve anticipated tax
treatments in connection with the N&B Transaction, Laird PM
Acquisition or the DWDP Distributions; (iii) changes in relevant
tax and other laws; (iv) indemnification of certain legacy
liabilities of EID in connection with the Corteva
Distribution; (v) risks and costs related to the performance
under and impact of the cost sharing arrangement by and between
DuPont, Corteva and The Chemours Company related to future eligible
PFAS costs; (vi) failure to effectively manage acquisitions,
divestitures, alliances, joint ventures and other portfolio
changes, including meeting conditions under the Letter
Agreement entered in connection with the Corteva Distribution,
related to the transfer of certain levels of assets and businesses;
(vii) uncertainty as to the long-term value of DuPont common stock;
(viii) risks and uncertainties related to the novel coronavirus
(COVID-19) and the responses thereto (such as voluntary and in some
cases, mandatory quarantines as well as shut downs and other
restrictions on travel and commercial, social and other activities)
on DuPont's business, results of operations, access to sources of
liquidity and financial condition which depend on highly uncertain
and unpredictable future developments, including, but not limited
to, the duration and spread of the COVID-19 outbreak, its severity,
the actions to contain the virus or treat its impact, and how
quickly and to what extent normal economic and operating conditions
resume; and (ix) other risks to DuPont's business, operations; each
as further discussed in detail in and results of operations as
discussed in DuPont's annual report on Form 10-K for the year ended
December 31, 2020 and its subsequent
reports on Form 10-Q and Form 8-K. Unlisted factors may present
significant additional obstacles to the realization of
forward-looking statements. Consequences of material differences in
results as compared with those anticipated in the forward-looking
statements could include, among other things, business or supply
chain disruption, operational problems, financial loss, legal
liability to third parties and similar risks, any of which could
have a material adverse effect on DuPont's consolidated financial
condition, results of operations, credit rating or liquidity. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. DuPont assumes no
obligation to publicly provide revisions or updates to any
forward-looking statements whether as a result of new information,
future developments or otherwise, should circumstances change,
except as otherwise required by securities and other applicable
laws.
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SOURCE DuPont