DuPont Announces Agreement to Sell INVISTA Unit to Koch Industries
WILMINGTON, DE - DuPont Co. announced an agreement to sell its INVISTA textiles business, formerly DuPont Textiles & Interiors, to Koch Industries Inc.'s KED Fiber Ltd. and KED Fiber L.L.C. subsidiaries for $4.4 billion in cash. Completion of the sale is expected during the first half of 2004, and is subject to regulatory approval.
INVISTA is reported to be the largest integrated fiber and intermediates business in the world, with 2002 revenues of $6.3 billion, 18,000 employees and interests in 50 global manufacturing sites. The business's products for coatings include amines for polyamide powder coatings, waterborne polyurethane systems and epoxy coatings; crosslinkers for epoxy coatings; antifouling additives for marine coatings; curing agents; and other specialty additives.