DuPont de Nemours has agreed to pay $5.2 billion to acquire engineering materials manufacturer Rogers, bolstering its position in fast-growing industries like electric vehicles, 5G, and renewable energy.

On Tuesday, the business said that it intends to sell a significant piece of its mobility and materials segment, as well as its stake in the DuPont Teijin Films joint venture. These companies generate $4.2 billion in annual revenue when combined.

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The Rogers transaction, which DuPont had been considering for roughly three years, will add to the company's advanced electronic materials portfolio, which was bolstered by a $2.3 billion buyout of Laird Performance Materials in July.

Chief Executive Officer Ed Breen told a major Newswire that DuPont was looking at a number of additional possibilities, adding that any transaction would seek to expand the company's core industries. With the extra capital, the corporation will also attempt to buy back shares, he said.

In premarket trading, Rogers stock jumped 32%, almost missing the offer price of $277 per share. DuPont's stock dropped by 1%.

DuPont also outperformed sales and profit forecasts in the third quarter, thanks to strong demand and pricing gains that helped offset higher raw material costs.

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According to data, the company had sales of $4.3 billion and a profit of $1.15 per share, compared to projections of $4.1 billion and profit of $1.12 per share.

DuPont, on the other hand, lowered its full-year sales and profit estimates after raising them twice previously, blaming slower orders in automotive markets as a result of a global chip shortage.

The chip scarcity, according to Breen, would "persist well into 2022, though maybe not at the same level as now," and will only lessen when new capacity comes online, which is projected to happen next year.