DuPont to Sell Unit for $4.4 Billion
- Share via
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.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
