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New York Markets After Hours

March 8, 2021, 6:43 a.m. EST

DuPont to buy Laird Performance Materials from Advent for $2.3 billion, sets $1.5 billion stock buyback program

DuPont de Nemours Inc. (NYS:DD) announced Monday an agreement to buy Laird Performance Materials from private equity firm Advent International for $2.3 billion in cash. Laird, with more than 4,300 employees, makes electromagnetic shielding products that manage heat and protect devices from electromagnetic interference. DuPont expects $60 million in cost synergies by the end of 2024 from the acquisition, which is also expected to add to earnings and free cash flow within the first 12 months. The deal is expected to close in the third quarter of 2021. "The acquisition of Laird Performance Materials is a significant step in advancing DuPont's strategy to grow as a global innovation leader and premier multi-industrial company," said DuPont Chief Executive Ed Breen. Separately, DuPont said announced a new $1.5 billion stock repurchase program, expiring on June 30, 2022. The company had $1 billion remaining in a previous buyback program as of Dec. 30, 2020. The company's market capitalization at Friday's close was $39.86 billion. DuPont's stock, which is still inactive in premarket trading, has rallied 10.8% over the past three months while the S&P 500 (S&P:SPX) has tacked on 3.8%.

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