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Aug 21(Reuters) - Chemical maker DuPont De Nemours said on Monday it has agreed to sell 80% of its Delrin resin unit to private equity firm TJC, formerly known as The Jordan Company, in a transaction valuing the business at $1.8 billion.
Delrin, an acetal homopolymer with higher tensile strength, is a preferred substitute for metal parts and used in products ranging from gear wheels to insulin pens.
The deal marks another step towards DuPont CEO ED Breen's goal of doubling down on the company's electronics and water solutions businesses.
DuPont is expected to receive cash proceeds of about $1.25 billion after the deal's close, which is expected around the end of the year. (Reporting by Sourasis Bose in Bengaluru; Editing by Pooja Desai)
