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) March 1, 1999
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
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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-8
(No. 33-53327, No. 33-61339 and No. 33-60069), we hereby file the following
press release.
Contacts: Terrence Q. Cressy
(United States)
(248) 583-8102
Ralf Peter Thomas
(Germany)
(011) 49-6172-87-1270
DUPONT ANNOUNCES THE COMPLETION OF ITS ACQUISITION OF HERBERTS
WILMINGTON, Del., March 1 -- DuPont today announced the completion of
its acquisition of Herberts, the coatings subsidiary of Hoechst AG. Terms of
the acquisition remain unchanged from the preliminary agreement last October:
a stock purchase with payment at closing of approximately USD 1.9 billion
(DM 3.1 billion).
The combined business, to be known as DuPont Performance Coatings,
will have annual sales of more than $3.8 billion, making DuPont the world's
largest supplier of automotive coatings and the third largest coatings
company, overall. The impact of the acquisition on DuPont's earnings per
share is projected to be essentially neutral for 1999, and will generate
significant shareholder value thereafter.
"We are extremely pleased by the talent, complementary technology,
market positions and regional customer service capabilities we've already seen
in the Herberts organization," said Louis F. Savelli, 63, who has been named
president, DuPont Performance Coatings. "With such an excellent fit, we will
create a significantly improved global business with strong growth and
earnings potential," he said.
Executive management appointments will be balanced by region from both
the DuPont and Herberts organizations, and include the naming of two vice
president and general managers:
o Edward J. Donnelly, 53, formerly DuPont director of planning, is named
vice president and general manager - Americas, with global respon-
sibility for the DuPont Refinish and Liquid Industrial Coatings
business;
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o John (Jack) R. Lewis, 55, formerly DuPont vice president - automotive
OEM finishes, becomes vice president and general manager - Europe and
Asia, with global responsibility for the newly named divisions, DuPont
Herberts Automotive Systems (automotive OEM coatings) and DuPont
Powder Coatings.
Founded in 1802, DuPont is a global research and technology-based
company. DuPont serves worldwide markets including food and nutrition, health
care; agriculture, fashion and apparel; home and construction; electronics;
and transportation. The company operates in more than 70 countries and has
92,000 employees.
Forward-Looking Statements: This news release contains forward-
looking statements based on management's current expectations, estimates and
projections. All statements that address expectations or projections about
the future, including statements about the company's strategy for growth,
product development, market position, expected expenditures, financial results
are forward-looking statements. Some of the forward-looking statements may be
identified by words like "expects," anticipates," "plans," "intends,"
"projects," "indicates," and similar expressions. These statements are not
guarantees of future performance and involve a number of risks, uncertainties
and assumptions. Many factors, including these discussed more fully elsewhere
in this release and in DuPont's filings with the Securities and Exchange
Commission, particularly its Current Report on Form 8-K filed on November 13,
1998 as well as others, could cause results to differ materially from those
stated. These factors include, but are not limited to changes in the laws,
regulations, policies and economic conditions of countries in which the
company does business; competitive pressures; successful integration of
structural changes, including acquisitions, divestitures and alliances;
failure of the company or related third parties to become Year 2000 capable;
research and development of new products, including regulatory approval and
market acceptance.
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3/1/99
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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
March 1, 1999
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