DuPont is offloading old businesses as it refocuses on industries like self-driving and clean energy. While the deal looks better for the seller than it does buyer Celanese, DuPont’s overall strategy adds up to an expensive bet on the future, JMAGuilford:
, looks good for the seller. But the numbers underscore the high and rising price of DuPont’s bet on future industries.
The transaction is more of a mixed bag for Celanese . The parts DuPont is selling are likely to make operating profit of around $650 million this year, based on comments Chief Financial Officer Scott Richardson made in an investor call on Friday. Add on the $450 million in operating profit the companies reckon the combination will unlock, tax the whole lot and it suggests a return on investment of below 8%. That’s probably scraping the minimum an investor should settle for.
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