By Colin Kellaher

DuPont de Nemours Inc. on Monday said it agreed to buy Laird Performance Materials, a provider of electromagnetic-shielding and thermal-management components and solutions, from private-equity firm Advent International for $2.3 billion.

The Wilmington, Del., conglomerate said the acquisition, which it plans to fund with cash on hand, will bolster its position in advanced electronic materials for key markets, including smart/autonomous vehicles, 5G telecommunications, artificial intelligence, internet of things and high-performance computing.

DuPont said Laird, which has more than 4,300 employees and 11 manufacturing sites around the world, generated revenue of $465 million last year.

The company said it expects to complete the acquisition in the third quarter, adding that it expects $60 million in pretax run-rate cost synergies by the end of 2024.

Global buyout firm Advent, which oversees $66 billion in assets, acquired Laird in 2018.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

03-08-21 0658ET