DuPont Prepares for INVISTA Separation
WILMINGTON, Del., Jan. 22, 2004 DuPont today announced that Gary M. Pfeiffer, senior vice president and chief financial officer, will, in addition to his current assignment, assume operating responsibility for INVISTA™ until completion of the sale to subsidiaries of Koch Industries Inc., of Wichita, Kansas.
INVISTA president Steven R. McCracken will be placed on a special assignment until completion of the sale. He will report to Richard R. Goodmanson, executive vice president and chief operating officer of DuPont and chairman of INVISTA.
In November, DuPont and Koch announced that they had reached a definitive agreement regarding the sale of INVISTA. Closing is expected in the first half of this year. Clearance for the sale was received from the U.S. Federal Trade Commission on Dec. 23, 2003, and from the European Commission on Jan. 21, 2004.
DuPont is a science company. Founded in 1802, DuPont puts science to work by solving problems and creating solutions that make people’s lives better, safer and easier. Operating in more than 70 countries, the company offers a wide range of products and services to markets including agriculture, nutrition, electronics, communications, safety and protection, home and construction, transportation and apparel.
Why has DuPont made this change?
Response: Steve McCracken made a personal decision to leave INVISTA to pursue other interests when the sale of INVISTA is completed. In his special assignment, McCracken will provide support and assistance until closing. He will report to Richard Goodmanson.
Why did you select Gary Pfeiffer?
Response: Gary currently is a member of the INVISTA Board of Directors and has led all major divestitures for DuPont in the last six years.
Will Steve McCracken return to DuPont after the sale of INVISTA?
Response: No. Steve McCracken has decided to pursue other interests following the sale of INVISTA.
Does McCracken's departure raise any concerns for the future of INVISTA employees?
Response: While Koch is disappointed that Steve has decided not to join INVISTA following the sale, they do not believe his decision should raise concerns for the INVISTA employees. Koch remains excited about the future of INVISTA and is convinced that the strength of the combined leadership team will make it a powerful and profitable company.
What is the status of government clearances? When do you expect settlement?
Response: Clearance was received from the European Commission on January 21, 2004. This follows the expiration of the Hart-Scott-Rodino waiting period in the U.S on December 23, 2003. Because INVISTA is a global business, there are a number of other regulatory filings that have been made around the world, including Canada, Mexico, Taiwan and Korea. We will continue to cooperate with any government agency that has questions about the transaction and remain optimistic that the process will be smooth and relatively prompt. We expect settlement of the sale in the first half of 2004.