DuPont Names DTI Board
NEW YORK, May 1 (Reuters) - DuPont Co. (nyse: DD - news - people), the second-largest U.S. chemical company, on Thursday unveiled the board of directors for its textiles business, which it plans to sell or spin off.
The Wilmington, Delaware-based company named its chief operating officer, Richard Goodmanson, as chairman of DuPont Textiles and Interiors (DTI), a $6 billion-a-year business that makes Stainmaster carpets and Lycra nylon.
DuPont also said Charles Holliday, its chief executive officer, and Chief Financial Officer Gary Pfeiffer are on DTI's board, which has full operating responsibility for the unit starting immediately. Steven McCracken, another DuPont executive, was named president of DTI.
The company is in talks with an unnamed buyer for DTI, which generates about one-quarter of DuPont's yearly revenue. DuPont announced early last year that it wanted to shed the unit by the end of 2003 as it struggled against cheap Asian textile imports and high raw material costs.
DuPont said it continues to consider all options for separating DTI, including an initial public offering.