—DuPont biomaterial business emerges as the new firm Covation “Now part of China’s Huafon Group, company seeks to expand in biobased products” In October 2020, DuPont announced that it had signed a deal to sell its biomaterial business to an undisclosed buyer for $240 million. Now, more than 18 months later, the deal has closed, and the buyer has finally been revealed as Huafon Group, a Chinese firm that is one of the world’s largest producers of spandex fiber. The former DuPont business has a new name, Covation Biomaterials, and a new CEO, longtime DuPont executive Michael Saltzberg. He says Huafon is going to pursue the growth projects that DuPont decided against after a strategy change in 2016. Covation’s main operations are a 50% share in a biobased propanediol plant in Loudon, Tennessee, and a Kinston, North Carolina, facility that produces Sorona, a high-end polyester fiber made from propanediol and purified terephthalic acid (PTA).
by Michael McCoy |
June 02, 2022