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) December 14, 2000
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
1
<PAGE>
Item 5. Other Events
------------
The Registrant files, pursuant to Regulation FD, its press release
dated December 14, 2000, entitled "DuPont Names De Schutter to Head
Pharmaceuticals Unit; Announces Intent to Separate Pharmaceuticals Business,"
a copy of which is below. This press release is also filed 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, No. 33-60069 and No. 333-86363).
Contact: Clif Webb
302-774-4005
[email protected]
DuPont Names De Schutter to Head Pharmaceuticals Unit;
Announces Intent to Separate Pharmaceuticals Business
WILMINGTON, Del., Dec. 14, 2000 -- DuPont today announced that
Richard U. De Schutter has been named executive chairman, president and CEO
of DuPont Pharmaceuticals and that its Board of Directors has approved the
company's intent to separate the business from DuPont. Morgan Stanley Dean
Witter has been engaged to advise DuPont on the transaction.
De Schutter, currently the non-executive chairman of DuPont
Pharmaceuticals, joined DuPont in July to evaluate various strategic
alternatives for the business. He was previously chairman and CEO of
G.D. Searle & Co., and chief administrative officer of Pharmacia Corporation.
Nicholas L. Teti, currently president and CEO of DuPont
Pharmaceuticals, has elected to retire, effective Dec. 31.
The decision to separate the business follows a six-month review led
by De Schutter. "We have concluded that the full value of DuPont
Pharmaceuticals can best be realized outside DuPont," said DuPont Chairman
and CEO Charles O. Holliday, Jr. "We will evaluate all separation options,
including an IPO, and will choose the one that can best contribute to our
shareholder value objectives. I'm pleased that Dick will continue to lead
the evaluation process, while adding his considerable experience and
expertise to the day-to-day operation of the business."
"Our evaluation was very encouraging from an appreciating asset
perspective," said De Schutter. "DuPont Pharmaceuticals has an exciting
early stage pipeline that plays into a number of attractive therapeutic
areas; a strong and sustaninable franchise in anti-retroviral therapy, led by
SustivaTM; and a number of mature but profitable products as part of the
portfolio. Full realization of the business' potential, however, appears to
be best accomplished outside DuPont's total ownership."
2
<PAGE>
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 70 countries and has 94,000 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 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
on Form 10-K, and quarterly report on Form 10-Q, 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, including inflation, interest and foreign currency
exchange rates, of countries in which the company does business; competitive
pressures; successful integration of structural changes, including
restructuring plans, acquisitions, divestitures and alliances; cost of raw
materials, research and development of new products, including regulatory
approval and market acceptance, and seasonality of sales of agricultural
products.
###
12/14/00
3
<PAGE>
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
December 14, 2000
4
