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) February 22, 2000 (2/18/2000)
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
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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, No. 33-60069 and No. 333-86363), the registrant
hereby files the following press release.
DuPont Contact: Clif Webb
[email protected]
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302-774-4005
ICG Contacts:
For Media: For Investors:
Mary Stubbs Sherri Wolf
[email protected] [email protected]
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415-356-1006 617-338-7171
Nina Bondarook
[email protected]
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415-356-1030
DuPont and Internet Capital Group Partner
to Accelerate E-Commerce Development in Major Industrial Markets
WILMINGTON, Del., Feb. 18 - DuPont (NYSE: DD) and Internet Capital
Group (NASDAQ: ICGE) today announced the formation of a joint venture that
will bring greater reach, lower transaction costs, increased productivity and
service to buyers and sellers of industrial goods and services worldwide.
The joint venture, called CapSpan, will leverage Internet Capital
Group's business-to-business (B2B) expertise in building web-based
marketplaces and DuPont's industry knowledge and strength as a large-volume
buyer and supplier. Together, they will drive the development and success of
neutral marketplaces with other strategic partners, including some of the
companies within Internet Capital Group's network of more than 55 partner
companies.
CapSpan combines the knowledge and experience of DuPont, a major
industrial corporation, with the speed, technology and expertise of Internet
Capital Group, the Internet's premier B2B operating company. CapSpan will
provide management, growth capital, financial, technical and infrastructure
capabilities designed to accelerate the development of B2B e-commerce,
initially targeting areas such as apparel, chemicals, construction and
e-procurement.
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The joint venture facilitates DuPont's strategy to capitalize on
global opportunities in the rapidly emerging Internet economy while preserving
its strong presence in traditional markets and distribution channels. The
newly formed company also strengthens Internet Capital Group's position as a
leading B2B e-commerce company by using DuPont's significant presence as a
buyer and seller in several markets to fuel the growth of its collaborative
network of partner companies.
"We selected Internet Capital Group because they can most readily help
us capitalize on opportunities in the rapidly emerging Internet economy," said
Charles O. Holliday, Jr., DuPont chairman and CEO. "For DuPont, that means we
can create wealth from our industry sector expertise, achieve transactional
efficiencies, extend the reach of our existing businesses, and create entirely
new business opportunities."
According to industry analysts, the value of the U.S. B2B e-commerce
market in 2004 could total as much as $7.3 trillion. The joint venture will
allow DuPont and Internet Capital Group to combine their expertise from the
industrial world and the Internet world to achieve success in this enormous
market opportunity.
"CapSpan provides the necessary ingredients for market success:
liquidity, industry sector knowledge, strategic relationships and technology
infrastructure," said Walter Buckley, president and CEO of Internet Capital
Group. "This joint venture gives Internet Capital Group and its partner
companies instant access to the worldwide industry expertise and transaction
volume of DuPont and other large corporations, thereby promoting the success
of the marketplaces CapSpan enters."
Erik Fyrwald, DuPont's vice president of e-commerce and new business
development, will become CEO of CapSpan. Skip Maner, Internet Capital Group's
vice president of acquisitions, will become chief operating officer. Both
Holliday and Buckley will serve on CapSpan's board of directors. CapSpan will
be based in Wayne, Pa.
DuPont (www.dupont.com) 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 97,000
employees.
Internet Capital Group (http://www.internetcapital.com) is an Internet
holding company actively engaged in business-to-business e-commerce through a
network of partner companies. It provides operational assistance, capital
support, industry expertise, and a strategic network of business relationships
intended to maximize the long-term market potential of more than 55 business-
to-business e-commerce partner companies. Headquartered in Wayne, Pa.,
Internet Capital Group has offices in San Francisco, Boston, Seattle and
London.
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Safe Harbor Statement under private Securities Litigation Reform Act of 1995
The statements contained in this press release that are not historical facts
are forward-looking statements that involve certain risks and uncertainties
including but not limited to risks associated with the uncertainty of future
performance of our partner companies, acquisitions of interests in additional
partner companies, additional financing requirements, the effect of economic
conditions in the B2B e-commerce market and other uncertainties detailed in
the Company's filings with the Securities and Exchange Commission.
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 state-
ments 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,
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, regula-
tions, policies and economic conditions of countries in which the company does
business; competitive pressures; successful integration of structural changes,
including acquisitions, divestitures and alliances; research and development
of new products, including regulatory approval and market acceptance, and
seasonality of sales of agricultural products.
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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
February 22, 2000
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