(Reuters) – DuPont said Monday it would buy Laird Performance Products for $ 2.3 billion from private equity firm Advent International, as it looks to expand its portfolio of advanced electronics products.
Electronic products have been a growth area for DuPont as key markets include luxury or autonomous vehicles, fifth-generation telecommunications, artificial intelligence, internet of things, and high-performance computing. get sucked.
The industrial goods manufacturer said it expects to achieve about $ 60 million in pre-tax rate cost overheads by the end of 2024 with the majority achieved in the first 18 months after the agreement closes expected in the third quarter of 2021.
The estimated one-time cost to complete these collaborations is approximately $ 40 million and DuPont expects the agreement to be subject to basic employment margins, free cash flow, and adjusted earnings per installment within the first 12 months.
DuPont also announced Monday that it has approved a $ 1.5 billion new installment program.
Reporting by Arathy S Nair in Bengaluru; Edited by Shailesh Kuber