DuPont Co., the biggest U.S. chemicals maker by market value, agreed to sell its glass-laminating and vinyls unit to Japan’s Kuraray Co. for $543 million plus the value of inventories.
The deal is expected to close in the first half of next year, subject to regulatory approvals, Wilmington, Delaware-based DuPont said today in a statement.
The unit, part of DuPont’s packaging and industrial polymers division, makes safety glass and vinyl products used in buildings and cars. It had net sales of more than $500 million last year and employs about 600 people, with six plants in the U.S., Europe and Asia, DuPont said.
DuPont said last month it plans to split itself in two by spinning off the company’s performance-chemicals unit. It’s trying to boost shareholder value and focus on higher-margin products. DuPont came under pressure to improve performance this year after activist investor Nelson Peltz’s Trian Fund Management LP bought a stake in the company.
Trian met DuPont executives to discuss ways to boost performance, people familiar with the matter said in August.