DuPont DD recently declared that its Industrial Biosciences business has acquired all of the assets of Industrial Technology business from Dyadic International, Inc. DYAI for $75 million in cash. DuPont came into the spotlight recently for its historic merger with Dow Chemical DOW to create a chemical powerhouse dubbed “DowDuPont”, with a combined market value of around $130 billion, before eventually breaking up into three independent companies. Apart from being the largest deal ever in the chemical space, it ranks among the biggest mergers and acquisitions (M&A) deals announced in 2015.
DuPont also recently declared that it will slash roughly 1,700 jobs in its home state, Delaware, in early 2016 as it progresses with its planned mega-merger with Dow Chemical. This significant move is part of DuPont’s plans to cut 10% of its global workforce of around 63,000 as part of the 2016 cost savings and restructuring program.
The 2016 restructuring program, which builds on the company's previous operational redesign initiative, is expected to deliver cost reduction of $700 million. DuPont expects to incur a pre-tax charge of around $780 million (including around $650 million of employee separation costs) related to these actions.
DuPont currently carries a Zacks Rank #4 (Sell).
A better-ranked company in the chemical space is Celanese Corporation CE, sporting a Zacks Rank #1 (Strong Buy).
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