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#8 Buyer of DuPont’s PTT business finally revealed

In Delaware, China’s Huafon Group has been named as the buyer of DuPont’s polytrimethylene terephthalate (PTT) business. First announced in October 2020, the $240-million deal includes Sorona, a partially biobased PTT fiber for carpets and fabrics; a biobased 1,3-propanediol asset in Tennessee; and PDO product lines for multiple applications.

Huafon has launched the business as Covation Biomaterials, which is headquartered in Newark. Michael Saltzberg, global business director for the assets under DuPont, has been named CEO.

“By collaborating with forward-thinking value chain partners and brands globally, we will continue to push the boundaries of innovation and sustainability to deliver high-performance biomaterials at scale,” Saltzberg says in a press statement. “We are thrilled to be joining the Huafon Group, a highly successful materials company that is uniquely positioned to expand the reach of our current products and help us accelerate the introduction of new offerings and technologies to the market.”

More on the story, here.