SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): January 5, 1996
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-815 51-0014090
(State or Other Jurisdiction (Commission (I.R.S Employer
of Incorporation) File Number) Identification No.)
1007 Market Street
Wilmington, Delaware 19898
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 774-1000
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Item 5. Other Events
In connection with Debt and/or Equity Securities that may be offered
on a delayed or continuous basis under Registration Statements on Form S-3
(No. 33-48128, No. 33-53327 and No. 33-61339), we hereby file the following
press release.
Contact: Kathleen H. Forte
(302) 773-4418
WILMINGTON, Del., Jan. 5 -- DuPont today announced that it will
take two nonrecurring charges against fourth quarter 1995 earnings totaling
$.15 per share. The first charge relates to a recent settlement of a
nationwide class-action plumbing lawsuit, and the second to write-downs of
certain petroleum assets.
In the fourth quarter, DuPont, Shell Chemical Corp. and Hoechst
Celanese settled national class-action litigation in connection with allegedly
defective plumbing systems made with polybutylene pipe and acetal fittings.
DuPont manufacturers acetal resins from which it is alleged some of the acetal
fittings were made. As a result of the settlement, DuPont will pay up to
10 percent of certain costs associated with plumbing systems that are replaced
under the terms of the settlement. The company has made accruals in the past
for estimated costs in connection with this matter, and will be taking an
after-tax charge of $38 million (7 cents a share) in the fourth quarter to
cover its share of estimated remaining costs.
The Financial Accounting Standards Board has issued Statement of
Financial Accounting Standards No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed of." The Standard
provides for the write-down of assets that are not expected to recover their
book value. In the fourth quarter, an after-tax charge of about $45 million
(8 cents a share) will be made, consistent with the provisions of this
Standard, primarily related to the write-down of certain North American and
European petroleum assets. The company has been actively engaged in
rationalizing and upgrading its asset portfolio for several years.
DuPont is a research and technology-based global chemical and energy
company offering high-performance products based on chemicals, polymers,
fibers and petroleum. Committed to better things for better living, DuPont
serves world-wide markets in the aerospace, agriculture, apparel, automotive,
construction, electronics, packaging, refining and transportation industries.
Among DuPont's best known brands are TEFLON(R) fluoropolymer resins;
SILVERSTONE(R) non-stick finishes; LYCRA(R) brand spandex fiber;
STAINMASTER(R) flooring systems; KEVLAR(R) aramid fiber; TYVEK(R) spunbonded
olefin; and CORIAN(R) solid surface material.
1/5/96
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
E. I. DU PONT DE NEMOURS AND COMPANY
(Registrant)
/s/ D. B. Smith
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D. B. Smith
Assistant Controller
January 5, 1996
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