DuPont and Koch Industries, Inc today announced they have reached a definitive agreement to sell Invista, formerly DuPont Textiles & Interiors, to subsidiaries of Koch for $4.4 billion in cash. The two subsidiaries are KED Fiber Ltd and KED Fiber, LLC.
‘This is a major milestone in the ongoing transformation of DuPont,’ said DuPont Chairman and CEO Charles O. Holliday, Jr. ‘The fibres businesses have been an important part of DuPont for many decades.
‘However, marketplace realities dictate they can best realise their potential as part of a company like Koch which is fully committed to Invista and the markets it serves.’
Invista, currently a business unit of DuPont, is the largest integrated fibre and intermediates business in the world, with 2002 revenues of $6.3 billion. It has 18,000 employees and interests in 50 global manufacturing sites.
Headquartered in Wilmington, Delaware, it operates in 50 countries and is comprised of three businesses: Apparel; Interiors and Industrial; and Intermediates.
The transaction is expected to close in the first half of 2004, subject to government approvals.