At closing, DuPont will receive pre-tax cash proceeds of aroung $1.25 billion, subject to customary transaction adjustments, a note receivable of $350 million, and will own a 19.9% non-controlling stake in the Delrin business.

“Today’s announcement largely completes our planned exit of the former M&M segment, advancing our position as a premier multi-industrial company,” said Ed Breen, DuPont’s executive chairman and CEO. DuPont agreed in February to sell most of its M&M business to Celanese for $11 billion. Breen then said that the announcement “represents a significant milestone in DuPont's transformation as a premier multi-industrial company.

Regarding the Delrin divestment he added: “This transaction is structured to maximize value for our shareholders, providing significant cash proceeds at close to be deployed in line with our strategic priorities while providing an opportunity for DuPont to participate in future upside potential upon exit of our retained equity interest in the Delrin business.”

"Delrin is widely recognized as the material of choice for safety critical and high cost-of-failure applications across diverse end markets,” said Ian Arons, partner at TJC. “For over 60 years the Delrin business has leveraged its differentiated technologies and global manufacturing presence to provide its customers high quality, innovative solutions."

DuPont said that the results of operations of the Delrin business will continue to be presented as discontinued operations in its consolidated financial statements through transaction closing.