Chemical company DuPont de Nemours Inc. agreed to buy engineering materials maker Rogers Corp. for about $5.2 billion to expand into electric cars and driver assistance systems.
“We are sharpening our focus on high-growth, high-value opportunities in sectors with steady long-term secular growth trends,” DuPont Chief Executive Officer Ed Breen said in the statement. The company planned to further invest “organically and through strategic acquisitions to maximize our capabilities,” he said.
The transaction would add to the dealmaking reputation of Breen, who engineered the 2012 breakup of Tyco International and oversaw the 2000 sale of General Instrument. Rogers, based in Chandler, Arizona, develops advanced electronic materials, according to its website.
DuPont with a market value of more than $37 billion, on also reported third-quarter results and cut its full-year guidance because of a slowdown in orders tied to the global shortage of semiconductors.
Breen led the 2017 tie-up of DuPont and Dow Chemical Co., the largest-ever chemicals industry merger, and the subsequent breakup that formed a standalone DuPont, Dow Inc. and Corteva Inc.
Breen, who is also the executive chairman of DuPont, returned to the CEO post last year.
Earlier this year, DuPont acquired Laird Performance Materials, a company that specializes in advanced electronic materials for autonomous vehicles, in a $2.3 billion deal.