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DuPont said on Friday it would sell most of its mobility and materials business for $11-billion to Celanese Corp CE-N, as the industrial materials maker continues to tweak its portfolio to focus on high-margin operations.

The deal, DuPont’s biggest since its split from DowDuPont, furthers Chief Executive Officer Ed Breen’s strategy of doubling down on the company’s electronics and water solutions businesses.

Last year, it struck deals to buy Laird Performance Materials for $2.3-billion and engineering materials maker Rogers Corp for $5.2-billion. It has also shed its nutrition and biosciences unit, along with two other businesses.

Delaware-based DuPont’s plan to sell its more cyclical mobility and materials unit was announced in November.

The business brought in net sales of $1.3-billion in the fourth quarter ended Dec. 31, 12 per cent higher than a year earlier, and generated $5-billion in revenue during 2021.

“After consideration of multiple deal structures, including a range of potential buyers, we are confident that our announced transaction with Celanese maximizes value for our shareholders,” Breen said in a statement.

The unit provides engineering thermoplastics and advanced solutions for end-markets in sectors including transportation, electronics and renewable energy.

The deal is expected to close around the end of 2022, DuPont said in a statement.

Celanese said it expects to achieve run-rate synergies of around $450-million within the first four years of deal close.

The deal is also expected to immediately add to Celanese’s adjusted earnings per share, with accretion of $4 or more per share once full synergies are achieved by 2026.

Shares of Celanese rose 0.45 per cent to $152.93 in premarket trade, while DuPont was up 2.7 per cent at $81.89.

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