XenaLives
1 year ago
Very strange tape after market today...
Trades>=1K today...
12/08/22 19:00:00 69.85 69.40 70.29 495,100
12/08/22 18:30:00 69.85 69.41 70.29 495,100
12/08/22 16:10:00 69.85 68.00 71.00 495,100
12/08/22 16:03:21 69.85 68.00 71.00 1,400
12/08/22 16:03:21 69.85 68.00 71.00 1,600
12/08/22 16:03:21 69.85 68.00 71.00 4,800
12/08/22 16:03:21 69.85 68.00 71.00 2,000
12/08/22 16:03:21 69.85 68.00 71.00 2,100
12/08/22 16:03:20 69.85 68.00 71.00 7,700
12/08/22 16:03:19 69.85 68.00 71.00 3,800
12/08/22 16:03:19 69.85 68.00 71.00 2,200
12/08/22 16:03:19 69.85 68.00 71.00 495,100
12/08/22 16:03:18 69.85 68.00 71.00 495,100
12/08/22 15:59:25 69.82 69.81 69.82 1,400
12/08/22 15:58:39 69.83 69.81 69.82 1,600
12/08/22 15:55:18 69.74 69.73 69.74 1,100
12/08/22 15:54:01 69.68 69.65 69.66 1,000
12/08/22 15:53:46 69.67 69.66 69.67 1,400
12/08/22 15:45:38 69.59 69.58 69.59 1,100
12/08/22 15:44:04 69.65 69.64 69.66 1,143
12/08/22 15:43:42 69.63 69.63 69.64 1,200
12/08/22 15:43:23 69.62 69.62 69.63 1,000
12/08/22 15:40:12 69.62 69.61 69.62 1,000
12/08/22 15:14:19 69.81 69.77 69.80 1,687
12/08/22 14:56:37 69.9151 69.91 69.93 1,500
12/08/22 14:52:39 69.875 69.86 69.89 87,524
12/08/22 14:51:23 69.803 69.79 69.81 1,000
12/08/22 14:40:05 69.83 69.82 69.84 1,000
12/08/22 14:26:11 69.84 69.84 69.86 1,000
12/08/22 14:16:02 69.74 69.73 69.76 3,100
12/08/22 14:00:59 70.145 70.13 70.16 1,400
12/08/22 13:52:40 70.23 70.22 70.25 1,000
12/08/22 13:49:22 70.28 70.25 70.28 1,220
12/08/22 13:29:22 70.1801 70.20 70.22 5,300
12/08/22 13:29:01 70.18 70.18 70.20 1,700
12/08/22 13:15:29 70.1601 70.16 70.18 1,000
12/08/22 13:13:09 70.23 70.22 70.23 1,000
12/08/22 12:57:31 70.16 70.14 70.16 1,000
12/08/22 12:52:35 70.09 70.08 70.10 1,100
12/08/22 12:41:10 70.0894 70.08 70.10 1,000
12/08/22 12:30:15 70.13 70.13 70.16 1,400
12/08/22 11:57:01 70.2639 70.25 70.29 1,000
12/08/22 11:48:13 70.24 70.24 70.26 1,000
12/08/22 11:45:30 70.205 70.19 70.22 1,131
12/08/22 11:33:26 70.27 70.28 70.31 3,900
12/08/22 11:31:21 70.23 70.21 70.23 1,000
12/08/22 11:26:11 70.005 69.99 70.02 2,100
12/08/22 11:26:11 70.005 69.99 70.02 2,700
12/08/22 11:09:46 70.36 70.33 70.35 7,563
12/08/22 11:03:56 70.4042 70.39 70.42 1,600
12/08/22 11:03:48 70.355 70.34 70.37 1,100
12/08/22 10:53:38 70.56 70.54 70.56 1,200
12/08/22 10:47:36 70.55 70.52 70.54 1,000
12/08/22 10:46:57 70.52 70.50 70.53 1,000
12/08/22 10:45:43 70.4927 70.47 70.51 1,400
12/08/22 10:40:36 70.49 70.49 70.53 3,800
12/08/22 10:37:24 70.63 70.62 70.65 1,300
12/08/22 10:35:30 70.60 70.60 70.63 1,000
12/08/22 10:20:42 70.57 70.55 70.59 1,000
12/08/22 09:54:56 70.59 70.56 70.60 1,064
12/08/22 09:53:50 70.515 70.49 70.55 2,376
12/08/22 09:52:57 70.43 70.43 70.49 1,700
12/08/22 09:49:12 70.36 70.30 70.39 1,400
Oleblue
1 year ago
Looks like they sold the polymer division:
Celanese will buy DuPont's engineering polymer and elastomer businesses for $11 billion – Chemical & Engineering News
September 9, 2022 by Civil Engg Notes
In a deal that will combine two of the world’s leading engineering polymer businesses, Celanese has agreed to acquire most of DuPont’s Mobility and Materials unit for $11 billion.
The businesses, which DuPont earmarked for sale in November, had sales of $3.5 billion and profit before taxes of $800 million in 2021. The acquisition will be a major one for Celanese, which had sales of $8.5 billion last year, and will more than double the size of the firm’s engineered materials unit.
Roughly 5,000 employees and 29 manufacturing sites will move to Celanese in the deal, which the companies aim to complete around year-end.
The transaction includes many materials used in demanding applications, such as automotive and electronics parts. One key polymer is nylon 6,6, which has been a part of DuPont for over 80 years. DuPont sold its nylon fiber business in 2004. In addition, Celanese will get DuPont’s long-chain and performance nylons, polybutylene terephthalate, and polyethylene terephthalate. DuPont’s polyester and ethylene acrylic elastomers and its Mylar and Melinex polyester films are also part of the deal.
“This is a very high-quality business,” Scott Richardson, Celanese’s chief financial officer, said on a Feb. 18 conference call with analysts. “A high-margin business that very much kind of fits hand and glove with our engineered materials business.”
Celanese’s engineering polymer line includes polyacetal, ultra-high-molecular-weight polyethylene, liquid crystal polymers, and polyphenylene sulfide. DuPont’s nylon and polybutylene terephthalate production will provide raw material for Celanese’s compounding operations in those areas.
The purchase will also extend Celanese’s reach in Asia, helping the firm recover some of the presence it relinquished in 2020 when it sold its stake in the Polyplastics joint venture with Japan’s Daicel. Overall, Celanese executives say, the firm will achieve $450 million worth of annual benefits by integrating the DuPont polymer business with its own.
Celanese has been pushing to grow its engineered materials business. Late last year, it bought ExxonMobil’s Santoprene thermoplastic vulcanizate business for $1.15 billion.
Celanese and DuPont left DuPont’s Delrin polyacetal business out of the deal to ease approval from antitrust authorities. Celanese’s Richardson told analysts that he doesn’t expect regulators to require any meaningful concessions before approving the transaction.
DuPont now plans to separately market the Delrin business, which has annual sales of about $550 million. “There is substantial interest in this high-quality asset,” DuPont CEO Edward Breen says in a statement. The company expects to sell that business by the first quarter of 2023.
Tedlar polyvinyl fluoride films, used on solar panels, were also left out of the sale. DuPont says it will keep that business, as well as its auto adhesive and Multibase polymer additive businesses.
DuPont plans to use the sale proceeds to pay for its pending $5.2 billion purchase of the electronic materials firm Rogers and to finance further acquisitions and share buybacks.
Stock analysts say the deal will indeed be transformational for Celanese. With the DuPont businesses, Celanese will have the “broadest and most differentiated” portfolio of engineered materials in the world, Frank J. Mitsch of Fermium Research writes in a note to clients. In the process, Celanese’s more commodity-like acetyl chemical business will become “a smaller amount of the total pie.” Acetyls accounted for 64% of the firm’s sales in 2021.
In a report, Vertical Research Partners analyst Kevin W. McCarthy calls the purchase an “attractive strategic fit” for Celanese. “The transaction vaults Celanese to a different league on the global stage as it creates a world-class leader in engineered materials,” he writes.
McCarthy says the purchase may set the stage for future transactions. The scale that the DuPont business provides, he observes, could give Celanese “critical mass” to split off its acetyl business “at some point down the road after the incremental debt has been digested sufficiently.”
This article was originally published on Feb. 18, 2022. It was updated on Feb. 24, 2022, to include comment about the deal from stock analysts.
Article:
TRUISM
8 years ago
Dow Chemical, DuPont Reportedly In Advanced Merger Talks
Wire Reports Wednesday, Dec. 9, 2015, 12:21 a.m. Updated 6 hours ago
Click For Link
Dow Chemical Co. and DuPont are in advanced merger talks, the Wall Street Journal reported Tuesday, citing people familiar with the matter.
The merger would be followed by a three-way breakup of the combined company, the sources told the Journal. A deal has not been finalized, and the talks could fall apart, the people said.
Dow Chemical Chief Executive Officer Andrew Liveris is expected to be executive chairman of the new company and DuPont's Edward Breen will remain CEO, according to the newspaper.
At the end of trading Tuesday, Dow Chemical was worth more than $60 billion, while DuPont's market capitalization was roughly $59 billion.
Should it come to fruition, a combination of the companies would be one of the biggest in a year marked by big deals. So far, companies have struck about $4.35 trillion worth of takeovers in 2015, in recent days eclipsing 2007 as the top year on record for deals, according to Dealogic.
It would form a giant with more than $90 billion in combined sales and strong positions in everything from plastics to industrial chemicals and agriculture.
Under pressure from shareholders to slim down and focus on faster-growing units, both companies have been restructuring their businesses by shedding some of the products that made them famous.
Blessings to All
TRUTH
Enterprising Investor
9 years ago
DuPont’s Interim Boss Edward Breen Is a Breakup Expert (10/06/15)
Former Tyco chief broke up conglomerate twice, raising possibility of future split at DuPont
By Joann S. Lublin and David Benoit
Edward D. Breen, the new temporary leader of DuPont Co. , knows a lot about breaking up big businesses, a skill he could put to use at the chemicals conglomerate that has fought off calls for a split for most of this year.
During his decadelong tenure as chief executive of Tyco International Ltd. , Mr. Breen, now 59, broke up the company twice.
First, in 2007, when Tyco was a $41 billion conglomerate with nearly 240,000 employees, he split it apart, hiving off two units: a medical-products company which became Covidien PLC and an electronics-component maker, now known as TE Connectivity Ltd.
The second time around, he spun off its ADT residential-alarm business and a unit that made industrial valves and pipes, leaving Tyco as a provider of security and fire systems—a comedown for a company that bought hundreds of businesses over five decades.
“He’s not shy about doing breakups,’’ said Michael Useem, a management professor at University of Pennsylvania’s Wharton School who has known Mr. Breen for years and advised Tyco about governance issues.
Shares of DuPont rose 7.7% Tuesday, its biggest one-day percentage gain since 2009, but the stock remains down 21% for the year.
Mr. Breen, who joined DuPont’s board in February, takes over next week on an interim basis as CEO and chairman from Ellen Kullman who Monday announced her surprise retirement. Ms. Kullman survived a bitter proxy fight waged this spring by Nelson Peltz’s Trian Fund Management LP, which had sought to split the 213-year-old maker of Kevlar fibers and Pioneer corn seeds into two separate businesses, one focused on agriculture and the other on industrial materials.
Ms. Kullman—with the support of DuPont’s board of directors, including Mr. Breen—prevailed in the proxy vote that rejected Trian’s strategy and opposed the fund’s attempt to nominate directors for the board. But the company’s results worsened and Ms. Kullman ultimately agreed to step down.
Now as Mr. Breen takes the reins as interim CEO, his previous support for keeping the company together may evolve especially in the face of deteriorating results. While announcing the CEO change Monday, DuPont also lowered its earnings forecast for this year.
During a conference call after Monday’s announcement, Mr. Breen said he planned “a deep dive” into DuPont’s cost structure and to evaluate its investment decisions to make sure shareholders get appropriate returns.
In the past, he has defended DuPont’s structure and credited Ms. Kullman with already restructuring the company.
In a company presentation for investors earlier this year, he was quoted as saying that at Tyco “we faced a very different set of facts” that “required extreme measures.”
Mr. Breen is committed “to effective decision-making based on the specific facts and circumstances of that particular company,’’ a DuPont spokeswoman said Tuesday.
On a call Monday with analysts, Mr. Breen said his appointment as interim CEO shouldn’t be a signal for strategy change.
“I would not read anything into that,” he said.
Even so, analysts and investors couldn’t help but read into it. Deutsche Bank analysts in a report Tuesday said they view a breakup as “highly likely” because Ms. Kullman was viewed as “the single biggest impediment, in our view, to a breakup of DuPont.”
Citigroup analysts said in a report they see “significant strategic changes” and suggested that splitting up like Trian suggested could lead the separate agricultural company to find a deal with Dow Chemical Co.
Former colleagues at Tyco recall Mr. Breen being a detail-oriented executive who kept a close eye on operational matters and held nothing sacred. Bruce Gordon, a former Tyco director who now is chairman of the spun-off ADT Corp. , recalled how Mr. Breen knew everything from the size of each unit’s sales force to its customer attrition rate.
When he assumed the helm at Tyco, Mr. Breen had to make some tough decisions. The former Motorola Inc. president took over from L. Dennis Kozlowski in 2002, who lost his job amid imminent charges of sales-tax evasion. That probe grew into a bigger case, and Mr. Kozlowski was criminally convicted of systematically looting the company and served more than six years in prison.
In the face of a liquidity crisis and accounting mess, Mr. Breen cast the deciding vote to replace the entire Tyco board and shed almost 300 people at the corporate headquarters.
At DuPont, Mr. Breen “will get down very deeply into these businesses,’’ and decide whether all of DuPont units “are worth keeping,’’ said Jack Krol, a retired DuPont CEO who was Tyco’s lead independent director during most of Mr. Breen’s tenure.
It wasn’t immediately clear if Mr. Breen—who remains Tyco chairman and is the lead director for Comcast Corp.—wants to be considered for the permanent top spot at DuPont. However, “Ed will participate in the search for the new CEO,’’ the company spokeswoman said.
DuPont’s next boss will still have to contend with Trian. The fund has continued to buy shares in DuPont even after losing the battle for board seats, said Ed Garden, Trian’s chief investment officer in a CNBC interview before Monday’s announcement. Trian declined to comment.
Despite backing the breakup of Tyco, Mr. Breen isn’t in favor of splitting apart companies in response to activist pressure. “If activists find a weakness, they jump,’’ he said during a 2012 interview with The Wall Street Journal. “It is not the most elegant way to get it done.”
http://www.wsj.com/articles/duponts-interim-boss-is-a-breakup-expert-1444175784
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