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Investing.com -- DuPont de Nemours (NYSE:DD) has reached an agreement to sell its Aramids business, which includes the Kevlar and Nomex brands, to Arclin for $1.8 billion.
The technology-based materials and solutions company announced Friday that it has entered into a definitive agreement with Arclin, a portfolio company of TJC (formerly The Jordan Company).
Under the terms of the transaction, DuPont will receive approximately $1.2 billion in cash and a $300 million note receivable, which is a legal agreement for payment at a future date.
Additionally, DuPont will obtain a non-controlling interest in the future Arclin company valued at $325 million, representing approximately a 17.5% stake.
The company stated that the Aramids divestiture will not impact the planned separation of its electronics business, which remains scheduled for a November 1 spin-off.
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