June 2, 2022
American materials manufacturer DuPont said Wednesday that it has wrapped up the sale of its Biomaterials business to Huafon Group. A company release said the purchase price totaled $240 million. The business generated net sales of $200 million in full year 2021.
Based in Ruian, China, Huafon Group is one of the world’s biggest producers of polyurethane (PU) materials and its portfolio of products includes microfiber material, TPU, polyamide, polyester polyols, and more. Its subsidiary companies serve a range of industries, including chemical, metals, and logistics.
Earlier this year, Powder & Bulk Solids reported that DuPont entered into a definitive agreement to sell most of its Mobility & Materials (M&M) business to chemical and specialty materials firm Celanese for $11 billion in cash. Under the terms of the deal, Celanese will take on global production assets and intellectual property related to the business, as well as a portfolio of engineered thermoplastics and elastomers. Celanese expects the transaction to close by the end of this year.
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