By Angela Chen 

DuPont Co. has agreed to sell its Dupont Theatre and related assets to the Grand Opera House, months after the chemicals company was criticized by Trian Fund Management LP for retaining its hospitality businesses.

Financial terms weren't disclosed.

DuPont, which is currently up against Nelson Peltz's Trian Fund Management in a high-profile proxy fight, has long operated several hospitality institutions at its headquarters in Wilmington, Del. These include the 12-story Hotel du Pont and the DuPont Country Club. The company maintains that these hospitality businesses represent "an immaterial component" of total company costs.

But in September, Trian highlighted its hospitality businesses as symbolizing profligacy and excess corporate costs at DuPont headquarters. Though such assets were originally developed to entice employees, corporate governance experts said owning such assets is rare today among big publicly traded companies in the U.S.

Now, DuPont will sell the theatre, which is more than 130 years old, to The Grand Opera House, a performing-arts hall in Wilmington.

After the deal closes next week, the DuPont Theatre will be renamed The Playhouse on Rodney Square. The sale will have no impact on the remainder of the season, subscription packages or ticket prices.

Trian disclosed last Thursday that it will seek seats on DuPont's board, aiming to shake up a company that has outperformed the broader stock market by about 50% over the past five years. Trian argues that DuPont's businesses could perform even better if freed from what the investor calls a cumbersome corporate bureaucracy. The investment firm is seeking four director candidates for DuPont, including Mr. Peltz.

Write to Angela Chen at angela.chen@dowjones.com

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