Laird employs more than 4,300 people across 11 manufacturing sites in Europe, North America and Asia, and posted revenue of $465 million in 2020. The group was taken over by Advent International for £1 billion in 2018.

“Laird Performance Materials is a strategic and complementary addition to the Electronics & Industrial (E&I) business, and our applied material science expertise together with Laird Performance Materials’ industry-leading application engineering capabilities further strengthens DuPont as an essential partner for major electronics OEMs and manufacturers,” said DuPont executive chairman and CEO Ed Breen.

With a best-in-class innovation and product portfolio, DuPont said the combined organization will be a leader in rapidly growing advanced electronics applications supporting smart/autonomous vehicles, 5G telecommunications, artificial intelligence, internet of things and high-performance computing.

The Wilmington, Delaware-headquartered group added that the companies’ strong capabilities in their respective fields, combined with an expanded customer base, are expected to significantly increase customer speed to market, create new efficiencies in developing multi-functional solutions and provide high value next-generation products that will deliver incremental revenue synergies over the next several years.

The merger is expected to yield pre-tax run-rate cost synergies of roughly $60 million by the end of 2024, most of which will be achieved in the 18 months post-closing. DuPont estimates a one-time cost to achieve these synergies of about $40 million.

Breen added: “This transaction represents another strategic step forward in sharpening our focus and directing our investments towards high-value, high-growth opportunities. We remain committed to a balanced capital allocation policy that delivers strong returns to shareholders and includes organic growth, targeted M&A and shareholder remuneration.”

DuPont also announced that its board has approved a new $1.5 billion share buyback program, which expires on Jun. 30, 2022.

Author: Elaine Burridge, Freelance Journalist