Koch Subsidiaries Buy Fibers Unit from DuPont

by C-BW@CLARI.NET (KOCH INDUSTRIES VIA BIZWIRE) on 2004-04-30 12:10:07

New INVISTA Combines Strengths - in Nylon, Spandex, Polyester and Resins - of INVISTA, KoSa
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WICHITA, Kan. & WILMINGTON, Del.--(BUSINESS WIRE)--April 30,
2004--DuPont and subsidiaries of Koch Industries, Inc. today finalized
the sale of INVISTA, formerly DuPont Textiles & Interiors, 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(R), STAINMASTER(R),
ANTRON(R), COOLMAX(R), THERMOLITE(R), CORDURA(R), SUPPLEX(R),
TACTEL(R), and in the specialty chemicals business: CORFREE(R),
DYTEK(R), ADI-Pure(R) and TERATHANE(R). Brands formerly marketed
through the KoSa line include: Polarguard(R), ESP(R) and Avora(R)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.