DuPont to Sell Unit for $4.4 Billion

DuPont Co. will sell its clothing and carpet fiber business to Koch Industries Inc. for $4.4 billion in cash, exiting an industry hard hit by energy costs and stiff competition from Asia.

DuPont called the transaction a “bittersweet milestone,” since it ended the company’s ownership of products such as Lycra and nylon, the groundbreaking synthetic fiber that DuPont scientists invented in the 1930s.

The long-expected sale of the Invista unit is part of Wilmington, Del.-based DuPont’s plan to focus on higher-growth business such as food additives and chemicals for the electronics industry.

The prospect of a $4-billion cash infusion failed to rally Dupont’s stock in a down market. Shares eased 46 cents to $39.73 on the New York Stock Exchange.

Wichita, Kan.-based Koch is the second-biggest privately held company in North America, behind Cargill Inc., and one of the world’s biggest makers of polyester.