DuPont to sell Special Adhesives business to Bostik

DuPont has agreed to sell its Special Adhesives business to Bostik GmbH no later than December 31. Financial details were not disclosed. The sale is subject to approvals by appropriate government agencies. The business is part of DuPont Performance Coatings in the company's Coatings & Color Technologies growth platform. Bostik GmbH, based in Borgholzhausen, Germany, is part of the Bostik Group, one of the world's leading adhesives manufacturers. Bostik Group is a unit of Total, headquartered in France.

The business, which produces adhesives for the packaging industry, is currently located at Wuppertal, Germany. Its 27 employees will be offered employment by Bostik.

"We looked for synergies within DuPont that would allow this business to deliver the financial results to which we have committed for our entire portfolio, but a viable option was not identified. This segment does not offer a strategic growth opportunity for DuPont," said Terry Caloghiris, group vice president - DuPont Coatings & Color Technologies. "Bostik offers a successful scenario for both the business and its people."

Under the sale agreement, DuPont will continue to produce adhesives for Bostik until its own manufacturing facilities are established.