DuPont divests biomaterials business unit to Huafon Group
Canadian PlasticsMaterials Sustainability
Huafon has relaunched the unit as an independent business called Covation Biomaterials.
Chemical maker DuPont has completed its previously announced sale of its biomaterials business unit to materials supplier Huafon Group for a purchase price of approximately US$240 million.
For full year 2021, the biomaterials business unit recorded net sales of approximately US$200 million, DuPont officials said.
Huafon Group has reincorporated the biomaterials as a stand-alone company under the name Covation Biomaterials, which will be headquartered in Newark, Delaware. Its product offerings include Sorona, a partially bio-based polymer; Susterra, a 100 per cent plant-based, high-performance material; and Zemea, a plant-based and biodegradable material available in multiple formulations.
“As a supplier of bio-based materials solutions, we are an important gateway into a more circular economy,” said Covation CEO Michael Saltzberg in a statement. “Sustainable supply chains must begin with sustainable materials and our science allows our customers to end their overreliance on petroleum.”
Founded in 1991 and headquartered in Ruian, China, the Huafon Group makes polyurethane (PU) materials, with product portfolios in adipic acid, polyester polyols, spandex filament, microfibre material, TPU, and polyamide.