DuPont Completes Acquisition of Laird Performance Materials
- Laird Performance Materials becomes part of Electronics & Industrial's Interconnect Solutions business
- Combination strengthens leadership position in rapidly growing advanced electronics applications supporting key industry megatrends such as high-performance computing, artificial intelligence, 5G telecommunications, smart/autonomous vehicles, and the internet of things
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.
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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.