Wilmington, Delaware – DuPont Performance Polymers is to sell its Neoprene polychloroprene to Denka Performance Elastomer LLC – a new joint venture company owned 70 percent by Denki Kagaku Kogyo (DENKA) and 30 percent by Mitsui & Co. Ltd, DuPont announced 10 Dec.
The sale is expected to close in the first half of 2015 subject to regulatory approvals, though the company statement did not include financial terms of the deal.
Neoprene, invented by DuPont in 1931, is a synthetic rubber used for many chemical and weather-resistant products such as wet suits and orthopedic braces, and as a base resin in adhesives, electrical insulation and coatings.
DuPont produces the polychloroprene in North America at its Pontchartrain site in La Place, Louisiana, with the operation to be sold employing around 235 in the US.
Tokyo -headquartered DENKA manufactures polychloroprene in its plant in Omi, Japan, using the acetylene method of polychloroprene production.
“Neoprene has been an important product line within DuPont Performance Polymers and we believe it will truly thrive as part of the Denka Performance Elastomer portfolio,” said Patrick Lindner, president of DuPont Performance Polymers.
“Chloroprene rubber is our core business and the acquisition from DuPont will largely contribute to our further sustainable growth,” said Shinsuke Yoshitaka, DENKA president & CEO.
“DENKA can establish a flexible supply structure with high-quality products,” added Yoshitaka, who also forecast synergies in R&D and technical services.