Purchase to boost company's efforts in industrial biotechnology, renewable fuels
The acquisition is expected to boost DuPont’s efforts in industrial biotechnology, including renewable fuels and materials. “Danisco has two well-positioned global businesses that strongly complement our current biotechnology capabilities, R&D pipeline and specialty food ingredients, a combination that offers attractive long-term financial returns,” said DuPont CEO Ellen Kullman. “This also would create opportunities across other parts of the DuPont portfolio, including traditional materials science offerings.”
DuPont will fund the purchase with $3 billion in cash and the remainder in debt, and the deal is expected to close early in the second quarter of 2011.