M&As: DuPont completes sale of 80% ownership in Delrin to TJC; Borealis closes acquisition of Italian firm Rialti

M&As: DuPont completes sale of 80% ownership in Delrin to TJC; Borealis closes acquisition of Italian firm Rialti

US materials firm DuPont announced that it has completed its previously announced sale of an 80.1% ownership interest in the Delrin acetal homopolymer (H-POM) business to an affiliate of TJC LP (TJC) in a transaction valuing the business at US$1.8 billion.

At close, DuPont will receive pre-tax cash proceeds of approximately US$1.28 billion which includes certain customary transaction adjustments, a note receivable of US$350 million, and will retain a 19.9% non-controlling common equity interest in the Delrin business.

TJC (formerly known as The Jordan Company, L.P.), founded in 1982, is a middle-market private equity firm that has raised funds with original capital commitments in excess of $23 billion and a 41-year track record of investing in and contributing to the growth of many businesses across a wide range of industries including Diversified Industrials; Technology, Telecom & Power; Logistics & Supply Chain and Consumer & Healthcare.

In other news, Austrian polymers firm Borealis announced that it has closed the earlier agreement to acquire Rialti S.p.A., a polypropylene (PP) compounder of recyclates based in the Varese area of Italy. Terms were not disclosed.

Rialti is one of the European market leaders specialising in production of sustainable PP compounds with a focus on mechanically recycled PP feedstock from post-industrial and post-consumer waste. Based in the area of Varese, Italy, Rialti has over 30 years of experience. The company utilises its annual capacity of 50,000 tonnes to make injection moulding and extrusion PP compounds with applications in different industries, including automotive, appliances and construction.

The acquisition will bring significant expertise and capacity to Borealis, expanding its PP compounding business and, in particular, increasing its volume of PP compounds based on mechanical recyclates.

The improved capacity will strengthen Borealis’ speciality and circular portfolios, enabling the company to meet customer demand for an ever-wider range of sustainable, high-performance solutions. By adding Rialti’s expertise in compounding of mechanically recycled PP to Borealis’ know-how and innovation leadership, Borealis says it contributes to close the loop for a more circular economy.

“Mechanical recycling is a key component of our integrated circular cascade model, which is a cornerstone of our future-positive transformation and path to net zero. The acquisition of Rialti provides a vital expansion of our recyclate-based PP compound capacity, and marks another critical step on our path to reinventing essentials for sustainable living,” says Lucrèce Foufopoulos, Borealis Executive Vice President Polyolefins, Circularity and Innovation & Technology.


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