DuPont seeking buyers for Teijin

(CS) US chemical maker DuPont is said to be seeking buyers for its Teijin venture, Bloomberg announced this week.

The European headquarter of Teijin, a polyester-film producer, is located in Luxembourg, with 300 employees at its plant in Contern.

While DuPont has refused to comment, Bloomberg reports that Goldmann Sachs is advising DuPont on the sale.

DuPont Teijin Films has a sales volume of over 1.1 billion dollars with over 3000 employees worldwide.

The Luxembourg office manages the business in Europe, the Middle East, Africa and several countries in Asia Pacific. Operations in southern and northern America are controlled from headquarters in the US, while the company cooperates with a partner in Australia and New Zealand.

Last year the company earned a prize in innovation for a plastic film developed in Luxembourg, which can be used especially in condensors of hybrid cars.

DuPont, based in Wilmington, Delaware had a company revenue of 31.5 billion dollars last year. It is also said to want to separate from a powder-paint business Greenhill&Co. currently part of the venture.

According to Bloomberg, insiders estimate that both assets are likely to fetch one billion dollars each.

Ellen Kullman, DuPont CEO since 2009, has been steering the chemical giant towards faster growing products such as food enzymes and biofuels.