DuPont announced that KED Fiber Ltd. and KED Fiber, LLC, subsidiaries of Koch Industries, have advised DuPont that they intend to accelerate the closing of the sale of INVISTA(TM) to April 30, 2004. DuPont and the Koch companies also have agreed to an amendment of the purchase agreement, adjusting the sale price to $4.2 billion, including the assumption of debt and certain joint
venture and equity interests covered under a non-binding letter of intent. No further details were disclosed.
On November 17, 2003, DuPont announced that it had reached a definitive
agreement to sell INVISTA to subsidiaries of Koch Industries, Inc. for $4.4
billion that also included assumption of debt and certain joint venture and
equity interests covered under a non-binding letter of intent. At the time,
closing of the transaction was expected by June 30, 2004.
“We are very pleased to have reached final agreement on this enormously
complex commercial and financial transaction,” said Gary M. Pfeiffer, DuPont
chief financial officer. “We are pleased to have a specific target date for
closing. We believe this transaction positions DuPont to create outstanding
value for our shareholders.”
