DuPont announced the completion of the previously-announced sale of its Biomaterials business unit, effective to the Huafon Group for approximately $240 million. [DuPont completes sale of biomaterials unit to Chinese company - delawarebusinessnow.com]
The Chinese group Huafon has taken over DuPont's biomaterials activities by creating Covation Biomaterials, a company based in Newark, in the US state of Delaware, which became fully operational on May 31 under the leadership of Michael Saltzberg.
Under the agreement, the Sorona, Susterra and Zemea brands have been switched to the new independent company.
For 2021, the Biomaterials business unit recorded net sales of approximately $200 million.
Following sales and spin-offs, DuPont now describes itself as a global innovation leader with technology-based materials and solutions.” DuPont revenues for 2021 totaled $16.6 billion.
Founded in 1991 and headquartered in Ruian, China, the Huafon Group is one of the largest manufacturers of polyurethane materials in the world and has a broad product portfolio in adipic acid, polyester polyols, spandex filament, microfiber material, TPU and polyamide Huafon Group has more than 14,000 employees and owns multiple subsidiary companies globally in chemical, metals, finance, logistics, information technology, and trade.
