DuPont Performance Polymers and DENKA have signed a definitive agreement to sell DuPont Neoprene polychloroprene to Denka Performance Elastomer LLC, a new joint venture company by DENKA and Mitsui. The sale is expected to close in the first half of 2015 pending receipt of customary regulatory approvals. Financial terms of the deal were not disclosed.
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. It is also used as a base resin in adhesives, electrical insulation and coatings. DuPont is a leading producer of Neoprene polychloroprene in North America through manufacturing operations at its Pontchartrain Works site in La Place, La, according to the company. Approximately 235 employees in the United States will be included in the transaction.
Founded in 1915 and headquartered in Tokyo, Japan, DENKA manufactures and distributes a wide range of chemical products encompassing organic and inorganic materials, polymer processing, electronic materials and pharmaceuticals. Since 1962, DENKA has manufactured polychloroprene in its plant in Omi, Japan, using the acetylene method of polychloroprene production.
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