DuPont acquires Laird Performance Materials for $2.3 billion
Dow expects the deal to boost its ability to support smart/autonomous vehicles, 5G telecommunications, artificial intelligence, internet of things, and high-performance computing applications.
In a move that boosts its ability to supply advanced electronic materials for key markets that include smart/autonomous vehicles, chemical maker DuPont is acquiring Laird Performance Materials from private equity firm Advent International for US$2.3 billion in cash.
Headquartered in Cleveland, Ohio, Laird is a major supplier of electromagnetic shielding and thermal management products. The firm employs more than 4,300 at 11 global sites and posted revenues of US$465 million in 2020.
“Laird…is a strategic and complementary addition to [DuPont’s] electronics & industrial business, and our applied material science expertise together with Laird’s performance materials’ industry-leading application engineering capabilities further strengthens DuPont as an essential partner for major electronics OEMs and manufacturers,” DuPont chairman and CEO Ed Breen said in a March 8 news release. “This transaction represents another strategic step forward in sharpening our focus and directing our investments towards high-value, high-growth opportunities.”
In the news release, Wilmington, Del.-based DuPont added that it expects the combined organization will be able to service advanced electronics applications supporting smart/autonomous vehicles, 5G telecommunications, artificial intelligence, internet of things, and high-performance computing.
The transaction is expected to close in the third quarter of 2021.