DuPont Re-Aligns; May Take Textiles Division Public
February 11, 2002
DuPont today announced the alignment of its businesses in five market- and technology-focused growth platforms and the creation of a textiles and interiors subsidiary.
The growth platforms are: DuPont Electronic & Communication Technologies; DuPont Performance Materials; DuPont Coatings & Color Technologies; DuPont Safety & Protection; and DuPont Agriculture & Nutrition.
The new wholly owned subsidiary, called DuPont Textiles & Interiors, will include nylon fibers, polyester fibers and Lycra® brand fiber businesses, plus their intermediates and joint ventures. DuPont has also added its flooring operations to this division.
DuPont is said to be considering a full range of options for DuPont Textiles & Interiors, including an initial public offering (IPO), with the ultimate intent of separation by year-end 2003, market conditions permitting.
The company has engaged Morgan Stanley to assist in the evaluation process.
DuPont Textiles and Interiors will be led by DuPont executive vice president and chief operating officer Richard Goodmanson and an experienced team including group vice presidents Steve McCracken and George MacCormack.
"Our nylon, polyester and Lycra® businesses have played a very important role in DuPont for many decades," Holliday said. "They have served our company, our shareholders and our customers extremely well. Now, with rapidly changing industry dynamics and tough market realities, we believe the course we have chosen is necessary to allow them to succeed in the future."
Concurrent with these actions, DuPont will offset all residual costs from the separation of the DuPont Textiles & Interiors subsidiary by aggressively reducing its cost structure for corporate and support services. Leading this effort will be Don Johnson, group vice president – operations and services.
The growth platforms are: DuPont Electronic & Communication Technologies; DuPont Performance Materials; DuPont Coatings & Color Technologies; DuPont Safety & Protection; and DuPont Agriculture & Nutrition.
The new wholly owned subsidiary, called DuPont Textiles & Interiors, will include nylon fibers, polyester fibers and Lycra® brand fiber businesses, plus their intermediates and joint ventures. DuPont has also added its flooring operations to this division.
DuPont is said to be considering a full range of options for DuPont Textiles & Interiors, including an initial public offering (IPO), with the ultimate intent of separation by year-end 2003, market conditions permitting.
The company has engaged Morgan Stanley to assist in the evaluation process.
DuPont Textiles and Interiors will be led by DuPont executive vice president and chief operating officer Richard Goodmanson and an experienced team including group vice presidents Steve McCracken and George MacCormack.
"Our nylon, polyester and Lycra® businesses have played a very important role in DuPont for many decades," Holliday said. "They have served our company, our shareholders and our customers extremely well. Now, with rapidly changing industry dynamics and tough market realities, we believe the course we have chosen is necessary to allow them to succeed in the future."
Concurrent with these actions, DuPont will offset all residual costs from the separation of the DuPont Textiles & Interiors subsidiary by aggressively reducing its cost structure for corporate and support services. Leading this effort will be Don Johnson, group vice president – operations and services.