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 2, 1999 (July 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-3
(No. 33-53327, No. 33-61339 and No. 33-60069), the registrant hereby files the
following press release.
Contact: Mike Ricciuto
(302) 892-7996
DUPONT TO RESTRUCTURE CROP PROTECTION BUSINESS
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WILMINGTON, Del., July 1 -- DuPont today announced that it plans to
restructure its $2 billion Crop Protection business to address intensely
competitive market conditions and position the business for future growth.
The business intends to consolidate its manufacturing capacity and
refocus its research and development programs and marketing activities,
resulting in the elimination of approximately 800 jobs. Affected positions
and locations have not yet been determined. Estimated annual pretax savings
of approximately $200 million are expected to begin accruing in the fourth
quarter of 1999. DuPont expects to record a nonrecurring charge in the third
quarter for employee separation costs associated with the restructuring.
Potential asset write-offs are currently under review.
"We're taking these actions to keep DuPont ahead of the incredibly
fast-paced and ever changing global agricultural marketplace," said Chairman
and CEO Charles O. Holliday, Jr. "These difficult but necessary actions will
enable the crop protection business to provide an even stronger base in
support of the other parts of our agricultural enterprise, specifically
Nutrition & Health and the impending merger with Pioneer Hi-Bred
International."
"We must maintain a competitive cost structure in our crop protection
business while focusing our resources on the successful introduction of three
new products and achieving synergies with Pioneer," Holliday said.
DuPont Crop Protection employs 5,500 people in 40 countries. It sells
herbicides, fungicides, and insecticides to the corn and soybean, cereals, and
specialties markets.
DuPont is a science company, delivering science-based solutions that
make a difference in people's lives in food and nutrition; health care;
apparel; home and construction; electronics; and transportation. Founded in
1802, the company operates in 65 countries and has 92,000 employees.
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Forward-Looking Statements: This news release contains forward-looking state-
ments based on management's expectations, estimates, and projections. All
statements that address expectations or projections about the company's
strategy for growth, product development, market position, expected
expenditures, and 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 those discussed more fully elsewhere in this release and in DuPont's
filings with the Securities and Exchange Commission, particularly its latest
annual report or Form 10-K, 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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7/1/99
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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
July 2, 1999
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