RTTNews | Feb 1, 2021 07:07AM EST

07:06 Monday, February 1, 2021 (RTTNews.com) - DuPont (DD) announced Monday that it is completing the merger of IFF and Nutrition & Biosciences today. In connection with the closing of the transaction with IFF, DuPont receives a special cash payment of about $7.3 billion, approximately $5 billion of which will be used to strengthen the balance sheet by retiring outstanding debt.

As a result of the merger completion, DuPont will move forward with a sharpened strategic focus and is making certain targeted adjustments to its reporting structure. Effective February 1, 2021, DuPont will have three business reporting segments: Electronics & Industrial, Mobility & Materials, and Water & Protection.

DuPont also announced it has concluded the strategic review of its Non-Core businesses and entered into a definitive agreement with an international private equity consortium to sell the DuPont Clean Technologies business for $510 million. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions and regulatory approvals.

DuPont has also concluded that it is in the best position to drive value for Tedlar, Microcircuit Materials and the DuPont Teijin Films JV and has realigned these businesses to Mobility & Materials.

Following the re-arrangements, DuPont will dissolve its Biomaterials and Clean Technologies, effective February 1, 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3165392/dupont-completes-iff-and-nutrition-biosciences-merger-updates-reporting-segments-quick-facts.aspx)

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