DuPont (DD) announced Monday that it has agreed to acquire Laird Performance Materials from with private equity firm Advent International for $2.3 billion. The company will use existing cash balances for the acquisition. The transaction is expected to close in the third quarter of 2021, subject to regulatory approvals and other customary closing conditions.
Laird Performance Materials is a world leader in high-performance electromagnetic shielding and thermal management with a comprehensive offering of performance components and solutions that manage heat and protect devices from electromagnetic interference.
The transaction brings together DuPont's technology portfolio in films, laminates, and plating chemistry with Laird Performance Materials' electromagnetic shielding and thermal management solutions.
Laird Performance Materials is aligned with DuPont's strategic objective of shifting its portfolio increasingly towards differentiated products in attractive markets with long-term secular growth trends.
DuPont expects to realize approximately $60 million in pre-tax run-rate cost synergies by the end of 2024 with the majority realized in the first 18 months post-closing. The estimated one-time cost to achieve these synergies is approximately $40 million.
After adjusting for one-time costs and deal-related amortization, DuPont expects the deal to be accretive to its operating EBITDA margins, free cash flow, and adjusted EPS within the first 12 months and to achieve high single-digit ROIC by year five.
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