DuPont Performance Polymers has finalized the terms of its sale of the Neoprene polychloroprene business to Japan's Denka Performance Elastomer, a 70:30 joint venture of Denka Kagaku Kogyo and Mitsui.

The transaction is expected to close in the first half of 2015, pending regulatory approvals. Financial terms are not being disclosed. About 235 US-based employees will transfer to the new owner.

Denka Performance Elastomer manufactures and distributes chemical products encompassing chloroprene rubber, organic and inorganic materials, polymer processing, electronic materials and pharmaceuticals.

Invented by DuPont in 1931, Neoprene is used in many chemical and weather resistant products such as wet suits and orthopedic braces, and also as a base resin in adhesives, electrical insulation and coatings.

"Neoprene has been an important product line within the DuPont Performance Polymers segment, and we believe it will truly thrive as part of the Denka Performance Elastomer portfolio," said the segment's president Patrick Linder.

Linder said that the deal also enables DuPont to focus on "innovative new offerings that drive profitable growth both today and over the long term."

Denka president Shinsuke Yoshitaka said the new Japanese owner expects the DuPont buy to provide synergies with its research and development and technical services.