Koch Subsidiaries Buy Fibers Unit from DuPont
April 30, 2004
WICHITA, Kan., WILMINGTON, Del. - April 30, 2004 - DuPont and subsidiaries of Koch Industries, Inc. today finalized the sale of INVISTA for $4.2 billion, including the assumption of debt and certain joint venture and equity interests covered under a non-binding letter of intent. Ownership will transfer at 5 p.m. EDT.
Going forward, the company will conduct business as INVISTA.
"The new INVISTA has many capabilities, recognized brands and an innovative team, and we believe our long-term outlook is excellent," said Jeff Walker, INVISTA's chief executive officer. "Our focus for the near future is to enhance this business' ability to create superior value for our global customers. We believe that this combination of INVISTA's strengths, primarily in nylon and spandex, and KoSa's polyester capabilities will position us to compete successfully in the global resins and fibers markets."
"The fibers businesses of INVISTA have been an important part of DuPont for many decades. We look forward to a continuing relationship with INVISTA as a key supplier," said Charles O. Holliday, Jr., DuPont chairman and CEO. "We believe these businesses can best realize their potential as part of a company like Koch which is fully committed to INVISTA and the markets it serves. We highly value the contributions that INVISTA employees have made to DuPont over the years and wish them well as part of Koch."
Walker and the new INVISTA leadership team will concentrate on specific plans for strengthening the various businesses within the INVISTA umbrella. The leaders are shaping their respective organizations and making decisions to design efficient business and manufacturing asset structures, to implement key year-one business strategies, and to offer superior customer service.
Previously, presidents were announced for the six businesses: William Ghitis, Apparel; David Trerotola, Performance Fibers; Alan Wolk, Interiors; Ken Wall, Intermediates; Kevin Fogarty, Polymer and Resins; and Gerold Linzbach, Textile Fibers. Ghitis and Trerotola will locate near Wilmington, Del.; Wolk will base near Atlanta; Linzbach will be in Charlotte, N.C.; and Wall and Fogarty will be in Wichita.
The new INVISTA is a global integrated fiber and intermediates business with a presence in 50 countries. It is comprised of six businesses: Apparel; Performance Fibers; Interiors; Intermediates; Polymer and Resins; and Textile Fibers. INVISTA is committed to its customers' growth through market insights and technology innovations combined with a powerful portfolio of the best-known global brands and trademarks in the industry including: LYCRA®, STAINMASTER®, ANTRON®, COOLMAX®, THERMOLITE®, CORDURA®, SUPPLEX®, TACTEL®, and in the specialty chemicals business: CORFREE®, DYTEK®, ADI-Pure® and TERATHANE®. Brands formerly marketed through the KoSa line include: Polarguard®, ESP® and Avora®FR.
Koch Industries, Inc. is a privately held company that owns a diverse group of companies that operate in more than 30 countries in core industries such as trading, petroleum, chemicals, natural gas, gas liquids, asphalt, resins and fibers, minerals, fertilizers, chemical technology equipment, ranching, securities and finance, as well as in other ventures and investments.