Restructure at DuPont with Biomaterials sale expected in H1
DuPont announced at the beginning of February that the merger of its Nutrition & Biosciences segment with flavours and fragrances company IFF, which it announced in December 2019, was now complete.
In parallel, it announced that it will have three reporting segments from now on: Mobility & Materials, Electronics & Industrial, and Water & Protection. Chief executive, Ed Breen, said: “Our new structure combines businesses with common financial characteristics, enabling clear line of sight and more effective allocation of resources across the company.”
Mobility & Materials is the segment in which DuPont’s performance resins, engineering polymers and advanced solutions will sit. DuPont Biomaterials will not.
At the time of the original announcement, the group made it clear that DuPont Biomaterials was not part of the deal with IFF. However, at the time of the restructuring, it mentioned Biomaterials as part of “non-core business” and that, effective from February 1, it was dissolving its non-core reporting segment.
It has confirmed to sportstextiles.com that it expects to sell its Biomaterials business, which includes bio-based polymers brand Sorona. It named no buyer but said it expected the sale to go through in the first half of 2021.
