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) July 16, 1997 (July 13, 1997)
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 7. Financial Statements and Exhibits
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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. 33-53327, No. 33-61339 and No. 33-60069), we hereby file the following
press release.
Exhibit
Number Description of Exhibit
------- -------------------------------------------------
99 Copy of the Registrant's Press Release dated
July 13, 1997, announcing agreement to acquire
ICI's white pigment business outside North
America, its worldwide polyester films, resins
and intermediates businesses and all related
technologies.
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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
------------------------------------
D. B. Smith
Assistant Controller
July 16, 1997
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EXHIBIT INDEX
Exhibit
Number Description of Exhibits
- ------- --------------------------------------------------------------
99 Copy of the Registrant's Press Release dated July 13, 1997,
announcing agreement to acquire ICI's white pigment business
outside North America, its worldwide polyester films, resins
and intermediates businesses and all related technologies.
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EXHIBIT 99
Contact: Susan Gaffney
(302) 774-2698
Wilmington, Del., July 13 -- DuPont today announced that
it has agreed to acquire ICI's white pigment business outside
North America, its worldwide polyester films, resins and inter-
mediates businesses and all related technologies. The acquisi-
tion will accelerate DuPont's global growth by strengthening
its position as the world leader in white pigment and moving
DuPont's polyester business from a strong regional to an
integrated global position.
The businesses, which have the capacity to achieve sales
of about $3.5 billion annually over the next two to three years,
are:
o The terephthalic acid, or TPA, polyester intermediates
business worldwide;
o The polyester film business worldwide; and
o The polyethylene terephthalate, or PET, polyester resin
business worldlwide;
o The Tioxide white pigment subsidiary business in Europe,
Asia and Africa. North American business and assets are
excluded.
"This acquisition is a significant step in our strategy
to continually increase shareholder value through profitable,
global growth of our core businesses," said John A. Krol, DuPont
President & CEO.
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DuPont will pay about $3 billion to acquire these
businesses. The total transaction should be completed by the
end of the first quarter 1998, subject to regulatory approvals.
DuPont intends to pay for this acquisition out of cash flow from
operations and short-term borrowings.
Krol said the acquired businesses are expected to make a
significant contribution to earnings and cash flow as cost
reductions are implemented, world demand improves and new DuPont
technologies are commercialized. Excluding restructuring
charges, the acquisition will be mildly dilutive in 1998 and
accretive thereafter.
Worldwide, polyester is a $30 billion industry that is
growing about 7% a year, making it one of the two fastest grow-
ing of the major polymer materials. The acquisition will give
DuPont world-class terephthalic acid intermediate technology,
which completes DuPont's portfolio of world-leading polyester
technologies, thereby significantly strengthening DuPont's
fibers, films, resins and intermediates positions.
In the last five years, DuPont has been awarded more
than 150 patents as it developed a comprehensive package of
polyester technologies. When commercialized over the next two
to five years, these new technologies will dramatically improve
every aspect of polyester manufacture, from monomer production
to polymerization, high-speed spinning and film forming.
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"The addition of ICI's world-class TPA technology,
coupled with our own breakthrough polyester technology and
continuing rapid growth in polyester demand, should make DuPont
the most comprehensive and competitive polyester producer in the
world." Krol said. "The key is to assemble, and then sustain,
significant technology advantage at each step of the polyester
chain."
The acquisition of Tioxide white pigment facilities will
give DuPont a long-sought manufacturing presence in Europe,
additional manufacturing capabilities in Asia, which is targeted
for growth, and an extension of the company's product line to
better serve DuPont's worldwide customer base. White pigment is
used principally to provide color, enhance brightness and
improve opacity in the paints, plastics and paper industries.
DuPont is expected to acquire white pigment facilities
in France, Italy, Spain, United Kingdom, South Africa and
Malaysia; polyester film facilities in the United States,
The Netherlands, United Kingdom and Japan; PET resin facilities
in the United States and United Kingdom; and a TPA facility in
the United Kingdom and interests in facilities in Taiwan and
Pakistan. About 6400 ICI employees would transfer to DuPont.
DuPont has been advised by BT Wolfensohn.
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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 worldwide
markets in the aerospace, apparel, automotive, agriculture,
construction, packaging, printing, refining and transportation
markets.
7/13/97
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