DuPont's
Board of Directors Appoints CEO Ellen Kullman Chair
DuPont'sboard of directorshas elected DuPont CEOEllen KullmanChair, effective December 31.Chad Holliday will retire from the
board after 11 years as its Chairman.
As
previously announced in September 2008, Ellen became CEO
effective January 1 after Chad served as DuPont's CEO for 10
years. Chad continued as Chair of the Board for a brief
transition until Ellen's expected succession as Chair.
"I
am honored to have been selected Chair by the board of
directors,"Ellen said.
"DuPont is
well-positioned for our next phase of delivering growth. We have
strong market positions and global channels to bring our culture
of scientific inquiry, innovation and strong customer focus to
connect our technologies directly with the needs of the global
marketplace."
"Ellen's
innate leadership skills, acute market focus and strong track
record were the basis for the board's decision that she is the
right person as its Chair. I am confident Ellen will be an
outstanding Chair and CEO,"Chad said. "For over 35
years, I have had the unique privilege of being part of DuPont. I
look forward to watching in the years ahead, under Ellen's
leadership, as DuPont continues to address the world's need for
science-based solutions."
DDCE was formed in
2008 as a joint venture of DuPont, an international leader of
chemical, materials, and energy science since the early
1800's; and, Danisco's Genencor division which since 1982 has been one
of the world's leaders in industrial biotechnology. Together,
the parent companies have invested over $100 million in
technology development over the past decade and have made a
substantial patent estate available to DDCE and its
customers.
Danisco is a world leader in food
ingredients, enzymes and bio-based solutions. We design and
deliver bio-based ingredients that meet market demand for
healthier and safer products.
A Danisco Division, Genencor is one of the largest
developers and manufacturers of industrial enzymes and one of
the largest biotechnology companies in the world.
DuPont Announces Intent to Acquire Interest in Zhonghao
DuPont recently announced its intent to acquire a minority share
in Changshu
3F Zhonghao New Chemical Materials Co., Ltd., pending completion of
definitive agreements and securing appropriate Chinese government
approvals. Shanghai
3F New Materials Co.,
Ltd., is the majority owner of Zhonghao.
Changshu 3F
Fluorochemical Industry Co., Ltd(常熟三愛富気化工), subsidiary companies of
Shanghai 3F New Chemical Materials Co., Ltd, are located in
Jiangsu Hi-tech Fluorochemical Industry park. When founded in
1975, the company's name was Changshu Refrigerants Company,
and was reformed into Changshu 3F Fluorochemical Industry
Co., Ltd in 1993.
In 2001, we invested and established the Changshu 3F Zhonghao
New Chemical Materials Co., Ltd.
"Our relationship
with Zhonghao has matured into a successful strategic partnership
over the last eight years,"said Gary Spitzer, president ?
DuPont Chemicals & Fluoroproducts. "Zhonghao's
world-class fluorochemical manufacturing capabilities will
strengthen our ability to better serve our customers worldwide.
It also will enable a faster response to rapidly growing regional
markets for our broad portfolio of fluorochemicals across all
applications. This applies for existing and future chemistries
for refrigerants or for our specialty fluorochemicals
markets."
2010/8/4 Korea Times
DuPont suspected of
anti-competitive behavior
South Korea's antitrust
watchdog is investigating the local unit of U.S. chemical company
DuPont for alleged anticompetitive behavior against its Korean
rival, Kolon Industries.
Kolon filed a complaint to a U.S. federal court last month,
claiming that DuPont has been pressing its American buyers not to
purchase Kolon's brand of "aramid"fibers that are
used for making protective military and aerospace wear and
equipment.
The focus of Korea's Fair Trade Commission (FTC), which recently
sent investigators to DuPont's Seoul office, is to confirm
whether the firm's alleged abuse of its market power in the U.S.
affected competition in Korea in any way.
``We are still gathering facts. If we find enough evidence
suggesting that DuPont's behavior has affected the competition in
the Korean market, we will begin an official investigation,''said an FTC
spokesman.
DuPont and Kolon are engaged in a lengthy dispute over the rights
to market aramid fibers, with DuPont accusing its Korean rival of
stealing its core technologies for its Kevlar brand aramid fiber
to developing a competing project.
A U.S. court had sentenced a former DuPont employee to an
18-month prison term last year on charges of handing critical
information on Kevlar fiber to Kolon. Kolon, on the other hand,
claims that it developed its aramid fiber product independently.
DuPont, Kolon and Japan's Teijin are currently the world's few
companies that are managing to produce aramid fibers, which is
distinctive for its strong resistance to high temperature and
chemicals and increasingly used to make products such as helmets
and protective vests.
DuPont, which has a strategic partnership with Teijin, has
predominant control over the global market for aramid fibers,
which is currently valued at around $1.4 billion, and Kolon has
been desperate to up its 4 percent market share. Kolon is seeing
further competition from domestic rival Hyosung, which is ready
to produce aramid fibers at its new factory in Ulsan.
DuPont produced 28,000 tons of aramid fibers last year, while
Teijin produced 25,000 tons. Kolon was a distant third with its
production of 2,000 tons. Kolon recently expanded the
manufacturing lines at its factory in Gumi with the goal of
upping its production capability to an annual 5,000 tons.
The two companies
have been locked in the legal dispute in the U.S. since 2009.
Dupont sued Kolon last year in the U.S., claiming theft of
technology and trade secrets related to Kevlar fiber used in
body armor in February 2009. Kolon filed a countersuit in
April the same year, accusing the U.S. firm of monopolizing
the market.
"Kolon's lawsuit against us (Dupont) in the U.S. was a
counter-claim against our suing of them earlier regarding
technology theft. Their claim has been dismissed by a U.S.
federal court twice already since April 2009,"the official
said.
Kolon
Industries refutes DuPont's allegation of technology theft
South Korea's KolonIndustries is prepared to
defend itself against accusations of theft of trade secrets
by US producer DuPont, a company spokesperson said on Monday.
In an emailed
statement, Kolon Industries'Ki-Soo Kim said that the
company was monitoring DuPont's pending civil lawsuit on the
alleged theft of trade secrets and that it used its own
proprietary technologyto produce aramid fibre.
DuPont has alleged
that the South Korean producer illegally obtained trade
secrets and confidential information about the US firm's
Kevlar aramid fibre technology.
Kolon Industries will
take action to prove that its product does not have any
problems with laws that pertain to research and development
and manufacturing, Kim said.
Aramid fibre is a
chemical fibre that is used in products such as
bullet-resistant vests, helmets and tyres.
Kim said that Kolon
Industries "produced aramid by [its] own developed
technology".
Michael Mitchell, a
former DuPont employee who started working on behalf ofKolon Industriesin 2006, was last week
sentenced to 18months in US prison for theft
of trade secrets.
Mitchell pleaded
guilty to the charge in December 2009.
According toa court filing fromDuPont, Kolon's "attempts
to bypass legitimate research and development, and to use
DuPont's confidential information and trade secrets to
improve their own production processes, is wrongful".
The US firm alleged
that the marked improvement in Kolon's product offering in
the last three years had been a direct result of the illegal
use of its proprietary Kevlar technology,according tocourt documents.
DuPont Co. sued South
Korea's Kolon Industries Inc. claiming theft of trade secrets
related to its Kevlar brand aramid fiber, used in protective
clothing for police and the military.
DuPont filed the suit
today in federal court in Richmond, Virginia, the company
said in a statement. DuPont said it is also filing a suit
today in Canada and is considering filing similar claims in
other countries.
"We will
aggressively pursue anyone who tries to steal our
intellectual property,"Thomas L. Sager, Wilmington,
Delaware- based DuPont's general counsel, said in the
statement.
DuPont, with $30.5
billion in sales last year, planned to stop production at its
Kevlar plant in Northern Ireland for a month as demand for
the bullet-proof fiber fell, according to a November report
in the Irish News.
Gyeonggi, South
Korea-based Kolon and its Fairfield, New Jersey, unit
"have engaged in concerted and persistent actions to
wrongfully obtain DuPont's trade secrets"and have
"hired and attempted to hire former DuPont
employees"for that purpose, according to
a copy of the complaint provided by DuPont.
Kolon interfered with
DuPont's business by hiring a former DuPont engineer and
sales representative who left the company in 2006 and formed
Aramid Fiber Systems LLC of Chesterfield, Virginia, at the
prompting of Kolon, according to court papers.
‘Confidential
Information'
The former DuPont
employee "retained certain highly confidential
information on his home computer"and passed the
information to Kolon, the lawsuit contends.
No action has been
taken against the former DuPont employee, company spokeswoman
Cathy Andriadis said. The man couldn't immediately be located
for comment.
Officials of Kolon
didn't immediately return telephone and e-mail messages
seeking comment on the lawsuit.
DuPont asks a judge
to order Kolon to preserve all data and let DuPont inspect
its computers; to return all trade secrets; to stop
contacting former DuPont employees; and to pay unspecified
compensatory and punitive damages.
DuPont rose 70 cents
to $23.35 at 4:01 p.m. in New York Stock Exchange composite
trading. The stock has fallen 7.7 percent this year.
Kolon, with $1.65
billion in 2007 sales, rose 450 South Korean won to 27,350 in
trading in Korea today. The shares have gained 13 percent
this year.
The case is E. I. du
Pont de Nemours and Co. v. Kolon Industries Inc., U.S.
District Court, Eastern District of Virginia (Richmond).
2010/8/18 デュポン
米デュポン、中国 Chenguang社とフッ素ゴム合弁事業設立の意向を表明
デュポンパフォーマンスポリマー事業部とChenguang Chemical Research
Institute、中国におけるフッ素ゴム合弁事業設立の意向を表明
投資を通じ顧客対応能力を強化
米国デュポン社のパフォーマンスポリマー事業部と、中国化工集団公司
(ChemChina)の子会社である中昊晨光化工研究院(Chenguang Chemical Research
Institute:以下 Chenguangg社)は、2010年8月17日(現地時間)、Chemchinaの北京事務所において、中国におけるフッ素ゴムおよびプリコンパウンド
の製造と販売を行う折半出資の合弁事業設立について、同意書を交わしたと発表しました。この合弁会社は、正式契約の締結および適切な政府認可の取得をもっ
て、上海に新しく建設するプリコンパウンド工場も含め、2011年後半から事業を開始する予定です。
「Chenguang社は中国のフッ素ゴム市場をリー
ドする地位を確立しており、今回の合弁事業は当社の能力と技術力をさらに強化させるとともに デュポンとChemChinaの将来の協力のための成功モデルとなるでしょう」と、ChemChina副社長のXiao
Sen Fen(范小森)は語っています。「世界規模の企業とのパートナーシップを通じ持
続可能な業界最高レベルのソリューションを開発することは、ChemChinaおよびChenguang社にとって重要な戦略です」
Chenguang Chemical Research Instituteは、中国化工集団公司(ChemChina)の子会社で、2004年5月に設立された国営企業です。設立以来、
ChemChinaは「伝統的な化学、先進の素材」を開発のコンセプトに、グローバルな視点、経験を生かし、化学業界における主要なポジションを維持しな
がら中国内に高品質の製品とサービスを提供しています。ChemChinaの優秀な子会社として、優れた研究開発能力、技術、設備で中国のフッ素ゴムを
リードしています。
September 1 2010
DuPont and Sinopec start
EVA production in Beijing
DuPont and China
Petroleum & Chemical, known as Sinopec, have started
production at their joint venture ethylene vinyl acetate
production plant in Beijing, the parties said.
The facility will be
DuPont's first EVA production in China, which it said is the
world's fastest-growing market for the material.
EVA products made by the
Beijing joint venture will carry DuPont's Elvax brand and will be
marketed by DuPont. The Beijing facility is designed to provide
more local support to customers there entering higher value
applications, DuPont said in a release.
The
Beijing Huamei Polymer is 55% owned by Sinopec and 45%
by DuPont, the companies said in previous announcements.
When the project was
first announced in 2007, DuPont projected a 2008 start-up but a
spokesperson said that was delayed to insure a safe construction.
September
20, 2007
Sinopec
and DuPont Form Joint Venture to Produce EVA In China
DuPont
Packaging & Industrial Polymers (P&IP) and Sinopec
today formed a joint venture to produce ethylene vinyl
acetate (EVA) resins in China.The location for the plant
will be at the existing facility of Sinopec
Beijing Yanshan Company in Beijing.Startup of EVA
production is planned for late 2008.
北京燕化石油化工(旧称 燕山石化)
The
joint venture combines the technological and manufacturing
expertise of the partners and will supply competitively a
broad range of specialized high-quality EVA products.The new
facility will help meet the fast growing demand for EVA
products in China.The offerings will serve
market segments such as packaging, adhesives, printing, wire
and cable, footwear, and apparel.
This
joint venture is 55 percent owned by Sinopec and 45 percent
owned by DuPont, with an annual production capacity of about 60 kilotonnes. The combination of the
manufacturing expertise of Sinopec and the latest EVA
technology from DuPont P&IP will open up new business
opportunities to serve different market segments in China.The new
facility will enhance the existing manufacturing capability
of Sinopec and capture the rapid emerging market demand.
This
joint venture marks an important milestone for the DuPont
Company.It will be the first EVA
(Elvax(r)) facility of DuPont P&IP in China, in
partnership with Sinopec.It will help strengthen the
position of DuPont in the world's fastest growing EVA market
and support its customers as they grow and expand to
specialty products for high-value applications.
Sinopec
is an integrated energy and chemical company that is engaged
in oil and gas exploration and production, and the production
and distribution of oil and chemical products.Sinopec is the
largest petroleum products (including gasoline, diesel oil,
jet kerosene etc.) producer and distributor and main
petrochemical products (including intermediate petrochemical
product, synthetic resin, synthetic fiber monomer and
polymer, synthetic fiber, synthetic rubber and fertilizer)
producer and distributor in China, it is also the second
largest crude oil producer in China.Sinopec Beijing
Yanshan Company is an extra large petrochemical complex
directly under Sinopec, which can produce 99 kinds and 449
grades of petrochemical products.Its output of
synthetic resin, synthetic rubber, phenol and acetone takes
the first place in China.
DuPont
started its business in China in the mid-1980s.Today, DuPont
China has 35 wholly owned and joint venture manufacturing
facilities, and about 5,500 employees in the country.Its products
and services covered diversified markets in the chemical,
agricultural, food and nutrition, electronics, textile and
automotive industries.As of now, the total
investment in China has exceeded $700 million.The company
announced in May 2005 to double its China investment to $1.2
billion by 2010.
DuPont
is a science-based products and services company.Founded in
1802, DuPont puts science to work by creating sustainable
solutions essential to a better, safer, healthier life for
people everywhere.Operating in more than 70
countries, DuPont offers a wide range of innovative products
and services for markets including agriculture and food;
building and construction; communications; and
transportation.
Sept.13, 2010
INVISTA and DuPont
Settle Lawsuits Over Engineering Polymers Technology,
Adiponitrile Technology and Supply Agreements
INVISTA and DuPont announced they have signed a settlement
agreement that resolves three existing lawsuits between the companies concerning polymers
technology, adiponitrile (ADN)
technology
and disputes
related to existing supply agreements.
The settlement resolves litigation over supply and
technology agreements
between DuPont's Performance Polymers business and INVISTA's
Intermediates business dating back to INVISTA's separation from
DuPont and sale to subsidiaries of Koch Industries in 2004. The
settlement clarifies the respective rights
and obligations of the companies, forming a strong foundation for
both to focus on creating long-term value for their customers and
the nylon 6,6 industry.
DuPont Files Federal Lawsuit Against INVISTA to
Protect Intellectual Property
DuPont today filed a lawsuit claiming INVISTA is
infringing a DuPont patent and has misappropriated DuPont
trade secrets and proprietary information relating to
DuPont's nylon engineering resins business. The suit was
filed in U.S. Federal Court in the Southern District of
New York.
DuPont is
seeking a permanent injunction, declaratory relief and
damages relating to the INVISTA production of nylon 6,6
engineering resins. DuPont claims INVISTA misappropriated
DuPont trade secrets, infringed on the company's patents
and breached a Patent and Technical Information
Agreement. Under the terms of this agreement, INVISTA is not allowed to use DuPont technology to
make nylon 6,6 engineering resins for several years.
"As a
science company, DuPont has long been committed to
protecting its patents, trade secrets and proprietary
technology," said DuPont Senior Vice President and
General Counsel Thomas L. Sager. "Based on its
statements and actions involving the production of nylon
6,6 engineering resins, INVISTA apparently has infringed
one or more DuPont patents, breached a technology
transfer agreement with DuPont and misappropriated other
valuable DuPont intellectual property. To continue to
invest in the kind of innovations our engineering resins
customers expect from DuPont, we must protect our
investment in this valuable technology."
他の訴訟(disputes related to existing
supply agreements)については不明。
上記に関して、Rhodiaに対する訴訟については記載無し。
Paris,August 20, 2008--- Rhodia considers
the lawsuit filed by Invista on Friday, August 15, 2008
against Rhodia and DuPont regarding adiponitrile
("ADN") technology to be completely without merit.
The case filed in the U.S. District Court for the Southern
District of New York forms part of Invista's attempts to
prevent Rhodia from challenging Invista's dominant market
position in polyamides. It follows several other unsuccessful
litigation efforts Invista has pursued against Rhodia,
including a similar lawsuit against Rhodia that Invista filed
in Texas on October 9, 2007 and voluntarily withdrew on
August 15, 2008. Rhodia will vigorously defend its interests
against Invista's allegations and will continue the
development of its Polyamide business.
---
February 2, 2010
Court cases to stop use of INVISTA ADN
technology proceed against Rhodia, partners
US Federal court denied Rhodia's
request for dismissal
French arbitration panel lacks jurisdiction over Rhodia S.A.,
defendant in Delaware case
INVISTA's defense of its world-leading nylon technology
continues in pending court cases in Delaware and New York,
bolstered by a Paris arbitration panel affirming that it
lacks jurisdiction over Rhodia S.A., the sole defendant in
the Delaware case.
In the U.S. legal proceedings, INVISTA seeks to stop
French competitor Rhodia and its potential venture partners
from misappropriating INVISTA's technology.
"Arbitration in France continues and remains a
confidential proceeding," said INVISTA spokesperson Mary
Beth Jarvis, "but the panel's preliminary findings,
discussed last week in a press release by Rhodia, certainly
do not give Rhodia the freedom to use the INVISTA technology
that Rhodia needs to build a new ADN plant."
"In the meantime, INVISTA's legal actions continue
against Rhodia in Delaware and against one of its potential
venture partners in federal court in New York. We will
continue to defend aggressively our world-leading nylon
technology against any parties who attempt to use it
illegally."
INVISTA filed the Delaware case in late 2008. Rhodia
sought to have the case dismissed or stayed, asserting that
the issues should only be dealt with via arbitration in
France. The Delaware court subsequently denied Rhodia's
motion, refusing to compel arbitration and allowing INVISTA's
case to proceed.
The Delaware court ruled for INVISTA on the basis that the
INVISTA entities who actually own the technology are not
subject to the arbitration provision included in the
agreement that formed the France-based joint venture between
affiliates of INVISTA and Rhodia.
In March 2008,
INVISTA filed a lawsuit in federal court in New York seeking
damages and a court order requiring DuPont to fulfill its
contractual obligations. The lawsuit seeks compensatory
damages in excess of $800 million, plus punitive damages
because DuPont knew of several safety and environmental
violations that placed its employees and the public at risk,
but took no action to rectify them or disclose them to
INVISTA. On March 30, 2009, the court denied DuPont's motion
to dismiss this lawsuit, allowing all elements of the case to
continue, including INVISTA's pursuit of punitive damages.
DuPont News, November 24,
2010
DuPont Reaches
Agreement to Settle Spelter Lawsuit
Yesterday, DuPont and attorneys for the class members involved in
a lawsuit regarding the company's former facility in Spelter,
W.Va., announced a proposed settlement of the lawsuit.
The proposed settlement, which is pending approval in Harrison
County (W.Va.) Circuit Court, calls for DuPont to pay $70 million
for clean-up costs and other costs and expenses associated with
the litigation. The settlement also establishes a limited medical
monitoring program, in which DuPont has agreed to provide
periodic medical testing and medical check-ups to class members
for a period of 30 years to test for any possible effects from
the Spelter facility. Class members will be notified by mail and
by public advertisements of the proposed settlement and will be
invited to a final hearing on the settlement which is tentatively
scheduled for Dec. 30 in the Harrison County courtroom of Circuit
Judge Thomas Bedell.
"DuPont is pleased to reach an agreement that places our
focus on the Spelter site and the community and not on lengthy
and contentious legal proceedings,"said Tom Sager, DuPont General
Counsel. "DuPont has had manufacturing operations in West
Virginia for more than 80 years with a solid track record of
investment, employment and community involvement. We remain
committed to operating our facilities in the state consistent
with our core values and continue to play a meaningful role in
the economic future of West Virginia."
November 25, 2010 delawareonline.comi
Settlement might cost DuPont $150M
W. Va. medical monitoring promised for 30 years
Wilmington-based DuPont Co. will pay as much as $150 million
to settle claims that the company's smelting plant in
Spelter, W. Va., exposed residents there to toxins. That's
according to attorneys for the plaintiffs who discussed the
case with Bloomberg News.
DuPont this week said that it had agreed to settle the claims
for $70 million, plus the cost of
medically monitoring the plaintiffs with check-ups and tests
for 30 years.
Alabama attorney Farrest Taylor, who represented plaintiffs
in the case, told Bloomberg News the monitoring program would
likely cost the company about $80 million.
"This is a medical monitoring program for as many as
8,500 people," Taylor said. "It doesn't take long
until you run into a fairly substantial expense."
DuPont spokesman Dan Turner said Thursday that it's
impossible to know how much the monitoring program will cost
the company.
Plaintiffs will have six months to sign up for the monitoring
program after the circuit court in Harrison County approves
the settlement.
"We can't really comment on what the cost will be,"
Turner said of the program, which the company will fund on a
"pay-as-you-go" basis.
Plaintiffs' attorneys told Bloomberg News that they were
estimating the cost of the program by a similar program that
emerged from an earlier case in front of West Virginia
Circuit Court Judge Thomas Bedell, who heard the DuPont case.
The West Virginia residents filed the class-action lawsuit in
2004. Plaintiffs contended that the plant, which produced
more than 4.4 billion pounds of zinc over 90 years, churned
out arsenic, cadmium and lead, contaminating the area's air,
soil and water.
The original jury verdict in 2007 called on DuPont to pay $251.7 million. In 2008, Bedell ordered that
the company pay another $129.6 million for a monitoring
program.
West Virginia's Supreme Court reduced that verdict and sent
the case back to determine whether the plaintiffs had waited
too long to log their claims. With the settlement, DuPont
would avoid a scheduled March trial.
"DuPont is pleased to reach an agreement that places our
focus on the Spelter site and the community and not on
lengthy and contentious legal proceedings," Tom Sager,
DuPont's general counsel, said in a statement.
2011/1/10 Danisco
DuPont announces binding
offer for Danisco
Danisco A/S has received
a binding offer from DuPont. Danisco's Board of Directors
recommends this offer, which we believe represents a strong value
proposition to our shareholders and is in the best interest of
our business and employees.
Highlights
DuPont will offer
DKK 665 for each share of Danisco in cash, equivalent to
a total transaction value of DKK 36.1 billion.
(1 Danish Krone = 0.17349 US
Dollar →6.26 billion $)
This offer
represents a 25% premium to Danisco's closing share price
on January 7, 2011, a 33% premium to last month's average
share price, and a 90% premium to the share price 12
months ago.
The offer represents
a multiple of 12.8x EBITDA based on the last twelve
months.
The transaction
represents a strong strategic fit and creates new growth
opportunities for both companies.
Jørgen Tandrup, Danisco's Chairman
of the Board of Directors, comments: "We believe this offer
represents attractive value for Danisco shareholders at a time
when the share price is at an all-time high, and that it is in
the best interest of the business and our employees. There will
be substantial opportunities as part of a larger group and DuPont
will bring significant advantages to Danisco's strategy and
further development. DuPont and Danisco make a powerful
combination and will benefit from each others'complementary
strengths and skills."
Tom
Knutzen, Danisco's CEO, comments: "Danisco has become a
leader in food ingredients, bio-based solutions and industrial
biotech. We are very proud of these achievements and are pleased
that DuPont recognises the value of our businesses and our
skilled employees. Danisco will make up an important part of
DuPont, which is committed to develop new business and drive
further growth. The transaction is about creating value and
exploiting future potential. We look forward to working together
to ensure the continued success and growth of our business."
Background
for the offer
DuPont is a market-driven science company, delivering innovative
solutions to meet key global needs in food, safety and
sustainability. Like DuPont, Danisco is a technology-driven
organisation with exceptional scientific capabilities in enzymes and food
ingredients.
Together, the two organisations are expected to benefit from the
power of industrial biotechnology over multiple product lines and
industries, creating significant growth opportunities in
biofuels, biomaterials, and other emerging technologies.
In
addition, DuPont currently operates certain health and nutrition
activities. In combination with the broadand deep food
ingredients portfolio of Danisco, the new organisation could
develop a more comprehensive offering for the food industry,
driving growth in each of the individual components. Given the
strong research, innovation and applications development
capabilities of DuPont and Danisco, the two are well suited to
build their existing offerings and drive first-class innovation
in a combined effort. Success in achieving this objective will
benefit both entities and the people they employ.
If
the offer is successful, an integration process will be
undertaken utilising the knowledge and guidance of a joint DuPont
and Danisco team to devise the optimum operating structure to
leverage the complementary capabilities and efficiencies of the
combined businesses.
Danisco
is a world leader in food ingredients, enzymes and bio-based
solutions. Using nature's own materials, science and the
knowledge of our people, we design and deliver bio-based
ingredients for healthier and safer products
The
Danisco Group comprises two business segments: and . Danisco
is organised into four divisions - ,, and - and . BioActives
is comprised of the Cultures and Sweeteners divisions as well
as our Health & Nutrition platform.
Food
Ingredients
Enablers
emulsifiers, hydrocolloids, and tailored systems
that enable food & beverage manufacturers to make
tasty, appealing and healthy products.
BioActives
Cultures
starter cultures種菌, media培養基,
coagulants凝固剤 and enzymes 酵素for
cheese, fresh dairy and other food products.
Sweeteners
a range of products used for the replacement or
reduction of sugars
・フラクトフィン(ビート)
ダニスコ社フィンランド工場
・クリスター300(とうもろこし)
米国提携工場(テートアンドライル社)
Industrial
Biotech
Genencor
Bio
Chemicals projects industrial enzymes for agri
processing, cleaning and textiles as well as the
biofuels, biodefense, and biosafety industries.
Our
key focus areas include BioActives (cultures and natural
sweeteners) with a clear health and nutrition profile and Enablers (emulsifiers, pectin, gums
and systems) that offer increased functionality to processed
foods.
As
the world's second-largest developer and manufacturer of
industrial enzymes, Danisco holds prominent market positions
in all major segments.
Danisco's
Genencor division is a top 10 leader in global biotechnology.
As a leading force in innovation in the white biotech space,
Genencor addresses previously unmet needs within and beyond
its current business areas.
DuPont Announces Global
Plans to Expand Titanium Dioxide Capabilities
Expansion, Innovation, Productivity Integral Elements of Global
Strategy to Help Customers Grow
DuPont today announced a
comprehensive titanium dioxide expansion plan which will add about 350,000 metric
tonnes of
global capacity and strengthen the company's capability to meet
the increasing demand from its customers. The expansion includes
new production facilities at the company's Altamira (Mexico) site
as well as additional investments to improve the productivity at
its other titanium dioxide sites around the world.
The new line at the Altamira site, at an investment of over $500
million (USD), is scheduled for completion by year-end 2014 and
will provide approximately 200,000 metric tonnes of new capacity per year. Facility
upgrades under way at the company's five titanium
dioxide manufacturing sites will continue over the next three
years, yielding an additional 150,000 metric
tonnes of
capacity.
DuPont is recognized as the global
leader in titanium dioxide, a white pigment widely used in the
coatings, paper, plastics and laminates industries. The capacity
expansion and continued focus on science-powered innovations will
further enable DuPont to deliver high-quality titanium dioxide to
meet rising consumer expectations for quality goods.
"This expansion and upgrades
of our facilities allow us to rapidly adapt to changes in the
marketplace and consistently meet the ever-changing demands of
our customer base,"said DuPont Titanium Technologies
President BC Chong. "Adding capacity at our Altamira site in
Mexico as well as improving our existing uptime and production
rates at all sites is a vital part of our strategy to help our
customers succeed. By increasing capacity, we will ensure a
sustainable supply for customers and partners to help secure
their success in the marketplace."
In addition to this expansion of
existing manufacturing sites, DuPont will continue to identify
capacity options including continued commitment to the current
Dongying (China) greenfield plan and other opportunities around
the world.
DuPont Titanium Technologies is
the world's largest manufacturer of titanium dioxide, serving
customers globally in the coatings, paper, plastics and laminates
industries. The company operates plants at DeLisle, Miss.;
New Johnsonville, Tenn.; Edge Moor, Del.; Altamira, Mexico; and Kuan Yin, Taiwan; all of which use the chloride
manufacturing process.
The company also operates a mine in Starke, Fla. Technical service centers are
located in Paulinia, Brazil; Mexico City, Mexico; Mechelen,
Belgium; Dzerzhinskiy, Russia; Kuan Yin, Taiwan; Ichon, Korea;
Shanghai, China; Hyderabad, India; and Wilmington, Del., to serve
the Latin American, European, Middle Eastern, Asian and North
American markets.
DuPont (www.dupont.com) is a
science-based products and services company. Founded in 1802,
DuPont puts science to work by creating sustainable solutions
essential to a better, safer, healthier life for people
everywhere. Operating in more than 90 countries, DuPont offers a
wide range of innovative products and services for markets
including agriculture and food; building and construction;
communications; and transportation.
ーーー
DuPont Titanium
Technologies,
Huntsman
Pigments, National Titanium
Dioxide Co., Ltd., Kronos Worldwide, Inc., Tronox, Inc. are the largest Titanium Dioxide
manufacturers (they account for 64% of global production
capacity).
KRONOS
Worldwide, Inc. and its predecessors have been
producing titanium dioxide pigments (TiO2)
since 1916.
NL Industries, Inc. was organized as a New Jersey corporation in
1891 and predecessor companies of its majority-owned subsidiary,
KRONOS Worldwide, Inc., have been producing
titanium dioxide pigments (TiO2)
since 1916.
The company has continued to grow and invest in its worldwide TiO2
business and currently operates six production plants and one
mine at locations in five countries on two continents. Productive
capacity now stands at over 532,000 metric tons per annum.
ーー
Huntsman Pigments Division is an
international business employing around 2,000 people at
facilities inseven countries with a
combined total manufacturing capacity of approximately 560,000
tonnes of TiO2
pigment p/a.
DuPont Successfully Completes
Tender Offer for Danisco
DuPont, through its wholly owned subsidiary DuPont
Denmark Holding ApS, announced yesterday that it has successfully
completed its tender offer for all outstanding shares of common
stock of Danisco for DKK 700 cash per share. The
tender offer expired on May 13, 2011, at 11 p.m. CEST (5 p.m.
EDT).
DuPont estimates that, as of the
expiration of the offer on May 13, Danisco shareholders had
tendered approximately 92.2% of the outstanding shares to DuPont
Denmark Holding ApS. All shares that were properly tendered
have been accepted for purchase. Payment for those shares
will be made in accordance with the terms of the tender offer.
"We are delighted that the
tender has been successful and we can move on to the process of
integrating Danisco into DuPont," said DuPont Chair &
CEO Ellen Kullman. "Danisco's attractive specialty
food ingredients businesses and Genencor's leading industrial
enzymes complement DuPont's own Nutrition & Health and
Applied BioSciences offerings. This combination will create an
industry leader in industrial biosciences and nutrition and
health.
"These businesses will work
together to drive sustainable growth and market-driven innovation
by linking agriculture, nutrition and advanced materials through
industrial biosciences," Ellen said. "In
addition, the R&D combination of DuPont, Danisco and Genencor
will enable us to further respond to global megatrends and help
provide for the food, energy and protection needs of a growing
population."
"We are very pleased that a
vast majority of Danisco shareholders have accepted DuPont's
offer, and the two companies may now begin to move forward
together," said Danisco Chairman Jorgen Tandrup.
"DuPont and Danisco share cultures based in exceptional
science and research capabilities. Our combined strengths
in biosciences and nutrition and health will deliver innovative
new offerings for customers worldwide, while helping to grow
these businesses in ways that will benefit employees,
shareholders and the communities in which we serve. We look
forward to this next exciting chapter of discovery and success
for the joined companies."
DuPont News, July 26, 2011
DuPont Expands in Solar Energy with Acquisition of Innovalight
DuPont has expanded its solar materials portfolio with the acquisition of
Innovalight, founded by Conrad Burke.
Yesterday, DuPont announced that it has acquired Innovalight, Inc., a company
specializing in advanced silicon inks and process technologies that increase the
efficiency of crystalline silicon solar cells. The acquisition further
strengthens DuPont's position as a clear leader in materials for the solar
energy market, enabling a broader and more integrated photovoltaic (PV)
materials and technology offering from DuPont.
“Innovalight has very exciting technology that improves cell efficiency and
DuPont can help expedite its adoption,” said David Miller, president – DuPont
Electronics & Communications. “DuPont and Innovalight share a commitment to
innovation in materials that have a common purpose – to make solar energy more
efficient and more affordable.”
Innovalight, located in Sunnyvale, Calif., has developed innovative proprietary
silicon ink products, process technology and a pipeline of anticipated products.
Silicon inks used in conjunction with DuPont™ Solamet® photovoltaic
metallization pastes boost the amount of electricity produced from sunlight,
enabling the production of superior Selective Emitter solar cells. According to
industry estimates, Selective Emitter technology could represent 13% of
crystalline silicon solar cell production by 2013 and up to 38% by 2020.
“Innovalight brings in-depth knowledge of solar devices, silicon technology and
Selective Emitter technology, and DuPont adds expertise in materials science,
manufacturing capabilities and global market access,” said Conrad Burke, founder
and general manager – Innovalight. “Our offerings are complementary to one
another and together, we will broaden and accelerate our ability to meet
customer needs and address today’s energy challenges with our continued
innovations.”
DuPont exceeded $1 billion in revenue from sales into the PV market in 2010, and
has set a goal to reach $2 billion by 2014 based on continued growth supported
by new innovations that improve solar module efficiency, lifetime and overall
system costs.
Kolon Industries Inc. shares fell 10% Friday, following a 15% drop a day earlier
as investors continued to worry that a U.S. court ruling may damage the textile
maker's ability to build its business in super-tough fabrics.
A jury in a Richmond, Va., federal court on Wednesday ordered Kolon to pay
$919.9 million in damages to DuPont Co. after finding that Kolon stole trade
secrets and confidential information related to DuPont's high-strength Kevlar
fiber. Kevlar is used in products such as bulletproof vests and brake pads.
DuPont alleged that Kolon hired its former employees starting in 2008 and that
those people provided information Kolon used to improve high-strength fibers and
fabrics.
Kolon started selling such high-strength fibers, called aramids, in 2006. It
said at the time that it planned to challenge market leaders DuPont and Teijin
Ltd. of Japan. To date, aramids account for only about 2% of Kolon's annual $3
billion in revenue, analysts estimate.
Kolon said it would appeal the jury decision, which it called "the result of a
multiyear campaign by DuPont aimed at forcing Kolon out of the aramid fiber
market."
Kim Dong-kun, analyst at Hyundai Securities, said the verdict won't likely
disrupt Kolon's ability to sell aramid products in markets outside the U.S. He
said investors had oversold Kolon shares.
"There's a very limited impact on fundamentals and there's a chance the amount
of damages may be adjusted depending on the appeals process," Mr. Kim said.
In the aftermath of the verdict, both companies claimed long histories in aramid
development. DuPont said Kolon had eroded 40 years of development it had put
into Kevlar. Kolon said it first started working on aramids in 1979.
In March last year, a former DuPont employee in Virginia was sentenced to 18
months in prison for providing information about Kevlar to Kolon.
The South Korean company, meanwhile, has filed an antitrust suit against DuPont,
which it accuses of trying to monopolize the market for ultra-strong fibers.
Kevlar is one of DuPont’s best-known
products and is made at facilities in the US, Northern Ireland and Japan
(東レ・デュポン)by DuPont Protection Technologies, part of DuPont’s safety and
protection segment. In 2010, the division had sales of about $3.4bn.
Kolon may still appeal the decision and
in a statement the company said the verdict was “the result of a multiyear
campaign by DuPont aimed at forcing Kolon out of the aramid fibre market”.
Kolon is pursuing an antitrust claim against DuPont that will be heard in
2012.
After the verdict, DuPont asked the judge
for additional punitive damages, court costs and an injunction, freezing
Kolon’s assets and preventing it from using DuPont’s technology. Those
issues will be covered at a hearing in November.
DuPont News, October 7, 2011
DuPont Starts Up $500 Million Kevlar®
Facility in South Carolina
DuPont announced Thursday
the start-up of its $500 million Cooper River Kevlar® facility near Charleston,
S.C. (U.S.), which is expected to result in an initial 25%
increase of overall global production capacity for Kevlar® アラミド繊維.
Ultimately, a 40% increase is expected after
continued technology developments over the next two years.
The plant uses
state-of-the-art technology that will allow DuPont to meet increased customer
demand for advanced protective materials in emerging industries around the world
by expanding its portfolio of science-based innovations and boosting
productivity. Commercial supply will begin by the end of the year.
“As the global population
grows, there will be even more critical need for protection materials to keep
people safe and to protect the environment, structures and critical processes,”
said Thomas G. Powell, president, DuPont Protection Technologies. “This
significant boost in production capacity and capability demonstrates DuPont’s
continuing commitment to support our customers and to find solutions that help
protect more people around the world.”
Along with a recent $50 million expansion at
DuPont’s Spruance plant in Richmond, Va., Cooper River represents the largest
single investment in Kevlar® and the largest capacity increase since the fiber
was introduced in 1965. The Cooper River plant expansion created new jobs and
was built over a period of three years using a construction workforce of up to
800.
The Cooper River Kevlar®
plant will initially produce innovations that support three primary technology
platforms: DuPont™ Kevlar® AP, DuPont™ Kevlar® KM2 Plus and DuPont™ Kevlar® XP™
for growing applications in ballistics, other personal protective equipment,
aerospace, tires, fiber optic cables, oil and gas, and automotive.
2011/10/13 Bloomberg
DuPont Said to Seek Buyers for Teijin Venture, Powder Paint Unit
DuPont Co., the third-biggest U.S. chemical maker, is seeking buyers for a
polyester-film joint venture and a business that makes powder-based paint, said
people with knowledge of the matter.
Goldman Sachs Group Inc. is advising DuPont on the sale of
DuPont Teijin Films Ltd., owned jointly by Wilmington, Delaware- based
DuPont and Osaka, Japan-based Teijin Ltd., said the people, who declined to be
identified because the process is private.
*2
佛山塑料集団(Foshan
Plastics Group)
DuPont 持株をDuPont Teijin Films China に移管
(49.0)
(51.0)
設立時にはこのほか、オランダに50/50のDuPont
Teijin Films Netherlands があった。
Greenhill & Co. is working
with DuPont on the powder- coatings sale, the
people said.
The assets would likely
fetch less than $1 billion each, the people said.
The powder-coatings business is part of DuPont’s performance-coatings
operations, a unit that accounted for 12 percent of the company’s $31.5 billion
in revenue last year.
“DuPont has made very few divestitures since Kullman took over,” Mark Gulley, a
New York-based analyst at Ticonderoga Securities who rates the shares “buy,”
said in a telephone interview. “This is probably overdue.”
DuPont has completed six separate sales of assets in the past three years,
according to data compiled by Bloomberg. One of the deals fetched $40 million,
while prices for the others weren’t disclosed.
Solae Venture
DuPont is also considering buying the 28 percent stake it doesn’t already own in
its
Solae
LLC soy-products joint venture with Bunge Ltd. (BG),one person said. DuPont had been seeking a buyer for the venture since July
and has now put that process on hold while it decides
whether to merge the business with Danisco, the person said.
Jul
26, 2011 Bloomberg
DuPont, Bunge Said to
Seek Sale of Soy-Products Venture
DuPont Co. and Bunge
Ltd. (BG) are seeking to sell Solae LLC, their joint venture that makes soy
products used in foods such as cereal bars, infant formula and milk, said
three people with knowledge of the matter.
Solae management this month began meeting with potential bidders, including
private-equity funds and European strategic buyers, said two of the people,
who asked not to be identified because the process is private. The sale may
fetch about $1.4 billion to $1.75 billion based on Solae’s annual earnings
of about $180 million before interest, tax, depreciation and amortization,
two people said.
Danisco may have provided DuPont with the infrastructure and expertise it needs
to make Solae more profitable, Gulley said. Combining Danisco’s dairy-focused
food business with Solae would be “very complementary” and “enable higher
growth,” Kullman said in a Jan. 10 conference call discussing DuPont’s bid for
Danisco.
DuPont and Bunge formed Solae in 2003 when they merged two businesses. Solae
makes more than 1,000 products, including soy proteins used in hot cereals,
sports drinks, vegetarian foods and meat products. The venture employs about
2,400 people.
Solae was founded in
1958 as Protein Technologies International, Inc (PTI). At first, it only
produced industrial soy protein products. The business evolved to making
food products 15 years later. In 1997, DuPont purchased PTI from Ralston
Purina and in 2003 DuPont and Bunge announced the formation of Solae.
DuPont had expected to
fetch as much as $1.75 billion for Solae, people familiar with the matter said
in August. A company executive said in September that a sale may happen by the
end of the year, or the two partners may instead continue with the venture.
Solae’s customers include soy-milk maker 8th Continent,
which was created as a joint venture between DuPont and
General Mills Inc. in 2000 and sold to Stremicks
Heritage Foods in 2008.
Liqui-Box
Earlier this year, DuPont also hired Bank of America Corp. to help seek buyers
for a unit known as Liqui-Box, which makes plastic
packaging for food items such as ketchup and mustard, said people with knowledge
of that sale effort. DuPont bought Liqui-Box for about $333 million in 2002.
Spokesmen from DuPont, Goldman Sachs, Greenhill and Bank of America declined to
comment.
February 15, 2012 DuPont
DuPont and Yingli Green Energy Enter $100 Million Strategic Agreement
DuPont and Yingli Energy Company Limited 英利能源
have signed a $100 million strategic agreement for
photovoltaic materials to speed adoption of solar energy, addressing one of the
world’s biggest challenges – reducing dependence on fossil fuels.
“At Yingli, we have a long-standing commitment to global social responsibility
to make solar energy an affordable option for everyone,” said Liansheng Miao,
chairman and chief executive officer, Yingli. “The agreement we have signed with
DuPont assures our supply of critical, high-quality materials and our continued
collaboration on further technological advances to optimize the performance of
our solar modules, which illustrates our mission to be a cost leader and provide
the best product to customers at the same time.”
The agreement was signed in Washington, D.C., yesterday in a ceremony organized
by the U.S. Department of Commerce and the Ministry of Commerce People's
Republic of China, and hosted by the U.S. Chamber of Commerce. Under terms of
the agreement, Yingli will purchase photovoltaic
materials, including DuPont™ Solamet® photovoltaic metallization pastes
ソーラーセル用ペースト(太陽光発電セルを作製するための包括的な厚膜材料)used
in solar modules and protective backsheet for solar
modules made with DuPont™ Tedlar® polyvinyl fluoride filmポリフッ化ビニル樹脂フィルム.
“This agreement expands a current commercial relationship between DuPont and
Yingli into a more strategic relationship with
long-term benefit to both companies, and to end users of solar energy,” said
Dave Miller, president, DuPont Electronics & Communications. “Materials are key
to solar module performance, and DuPont continues to advance the science behind
them. They help increase efficiency, extend the lifetime of modules, and,
ultimately, help reduce overall system costs to make solar increasingly more
competitive with other forms of energy generation.”
According to industry estimates, 20% average annual growth is expected in solar
installations globally over the next five years. DuPont achieved about $1.4
billion in sales to the photovoltaic market in 2011, and has set a goal to reach
$2 billion in sales by 2014, based on continued, strong demand for its products.
Yingli China is a wholly owned subsidiary of Yingli Green
Energy Holding Company Limited英利緑色能源, a leading solar energy company and
one of the world's largest integrated photovoltaic manufacturers.
2010年の世界市場での太陽電池セル製造メーカー上位各社のシェアは次の通りである。
上位10企業のシェアの合計は44%。(ソース:資源総合システム)
中国 尚コ電力Suntech
6.6%
中国 晶澳太陽能Ja
Solar 6.1%
米国 First Solar 5.9%
中国 英利緑色能源(Yingli) 4.7%
中国 天合光能Trina
Solar 4.7%
独 Q-Cells 3.9%
台湾 c晶能源科技Gintech
3.3%
日本 シャープ 3.1%
台湾 茂迪 Motech
3.0%
日本 京セラ 2.7%
March 3, 2012 Bloomberg News
Guilty plea in theft of DuPont secrets for China
A former DuPont Corp. scientist has pleaded guilty to conspiring to commit
economic espionage for a company controlled by the Chinese government and agreed
to testify against others charged with stealing secrets of a manufacturing
process sought by China.
Tze Chao, 77, a DuPont employee from 1966 to 2002, admitted Thursday in a San
Francisco federal court that he had provided confidential information about
DuPont's titanium dioxide process to the
Chinese-controlled Pangang Group Co.攀鋼集団
Titanium dioxide is a bright white pigment used in paints and other products
such as powders, paper and toothpaste. DuPont's chlorine-based process was
eagerly sought by China, which used a less efficient and more environmentally
harmful production method, according to court documents.
A federal grand jury in San Francisco issued an indictment Feb. 7, accusing
Pangang of conspiring with Chao, other individuals and an Oakland consulting
company, USA Performance Technology, owned by Walter and Christina Liew, to
obtain the trade secrets. Walter Liew received $30 million in contracts from
Chinese companies for illegally obtained information, the indictment said.
In his plea agreement, Chao, of Newark, Del., said he took confidential DuPont
documents with him when he left the company and started a consulting business.
He said he provided the information to Pangang in 2008 and 2009 for a titanium
dioxide factory that was being designed by USA Performance Technology, and
recruited other former DuPont employees to help him.
Pangang employees "overtly appealed to my Chinese ethnicity and asked me to work
for the good" of the People's Republic of China, Chao said. He said he burned
documents to keep the FBI from finding them when agents searched his home in
October 2011.
No sentencing date has been set. Prosecutors agreed to recommend leniency if
Chao cooperates in the investigation.
Ex-DuPont Employee Pleads Not Guilty in Trade
Secrets Case
Ex-DuPont Co. worker Robert J. Maegerle pleaded not
guilty to conspiracy to steal trade secrets from his former employer in an
economic espionage case alleging he and others gave the information to
China’s Pangang Group Co.
Maegerle, 76, a process engineer for DuPont from 1956 to 1991, had detailed
knowledge of the company’s titanium dioxide technology and expertise in building
production lines for the substance, a white pigment widely used in paints,
plastics and coatings, according to a revised indictment filed Feb. 7.
At the center of the case is Walter Liew, the owner
of an now-defunct Oakland, California-based company who had contracts with
state-owned Pangang. Prosecutors said in court papers that documents they
obtained from Liew’s safety deposit box show Liew claimed he was directed by a
Chinese government official in 1991 to obtain technology needed for China to
build pigment factories.
As far back as 1998, Maegerle gave Liew secret information from Wilmington,
Delaware-based DuPont, including trade secrets about the process and equipment
needed to design a plant to make titanium dioxide, known as Ti02, prosecutors
said in the indictment. DuPont is the world’s largest maker of Ti02 and won’t
sell or license its technology to other companies.
In 2005, Maegerle e-mailed Liew photographs from DuPont plants containing secret
information about the company’s inventions for a cost-efficient process to
develop the substance using chloride, according to the indictment.
New Plant
Maegerle, Liew and a
former DuPont employee, Tze Chao, provided
information to Pangang in 2008 for the design and construction of a new plant in
China to make 100,000 metric tons of titanium dioxide a year, prosecutors said.
After DuPont filed a trade-secret lawsuit against Liew, Maegerle gave the
Californian information for responding to the case which falsely stated that
nothing from DuPont was used by Liew, according to prosecutors.
In addition to the conspiracy count, Maegerle is charged with attempted theft of
trade secrets, aiding and abetting and conspiring to tamper with witnesses and
evidence. The most serious charge, tampering, carries a maximum penalty of 20
years in prison and at least a $250,000 fine.
Jerome Froelich, Maegerle’s attorney, appeared with his client and entered his
not guilty plea.
Liew, his wife, Christina, Pangang and three subsidiaries have also been
charged. Liew’s arraignment is scheduled for March 21. He has been in prison in
Oakland since his arrest in July.
Liew Denies Allegations
Liew has denied stealing trade secrets and allegations about his connections to
Chinese government officials aren’t accurate, his lawyer, Tom Nolan, said in
court filings.
Christina Liew, charged with conspiracy, possession of trade secrets and witness
tampering, pleaded not guilty today. She has been free on $100,000 bond since
July, when she and Walter Liew were first charged.
Pangang plans to seek dismissal of the charges against it on grounds that the
U.S. government can’t serve the company or its units in China, Robert Feldman,
an attorney for the company, said in a court filing. A hearing on that matter
was scheduled for June 7.
The other U.S. defendant in the case, Chao, 77, who was with DuPont from 1996 to
2002, pleaded guilty March 1 to one count of conspiracy to commit economic
espionage and is cooperating with the government.
The case is U.S. v. Liew, 3:11-cr-00573, U.S. District Court, Northern District
of California (San Francisco).
Aug. 31, 2012
Reuters
DuPont wins 20-year ban on Kolon's Kevlar
rival
* Kolon seeks to halt permanent
injunction during appeal
* Judge: $919.9 mln jury award inadequate remedy for DuPont
* Kevlar, rival fibers used in body armor
DuPont Co , the inventor of Kevlar, used in
bulletproof vests and other body armor, won a federal court order barring South
Korea's Kolon Industries Inc from making a competing
version of the synthetic fiber for 20 years.
Kolon on Friday asked U.S. District Judge Robert Payne in Richmond, Virginia, to
put his permanent injunction on hold while it appeals, saying a ban would cause
the "uncompensated death" of an entire business and result in irreparable harm.
Four hours later, DuPont filed papers opposing that request.
Shares of Kolon closed down 2.4 percent at 64,200 won ($56.59) in Seoul on
Friday, the first trading day after the injunction.
Last Sept. 14, a federal jury in Richmond, Virginia, ordered Kolon to pay DuPont
$919.9 million of damages for stealing 149 trade secrets relating to Kevlar, a
high-strength para-aramid fiber used in body armor, military helmets, tires and
fiber-optic cables.
DuPont sued Kolon in February 2009, accusing it of misusing proprietary
information obtained from Michael Mitchell, a 24-year DuPont veteran who left
the company in 2006 to start his own fiber business and later began working with
Kolon.
Mitchell in 2010 pleaded guilty to theft of trade secrets and served most of an
18-month prison term, court and prison records show.
In issuing the 20-year ban on activity related to para-aramid fibers, Payne
called Kolon's use of stolen trade secrets "integral and essential" to its
production of Heracron, a rival to Kevlar and Twaron, made by Japan's Teijin Ltd
.
He also said the $919.9 million judgment alone was not an adequate remedy,
explaining that Kolon would still be free to use the stolen trade secrets at
DuPont's expense, and that DuPont might have to go to South Korea to enforce the
judgment. DuPont began selling Kevlar in 1965.
"That Kolon found it necessary as a matter of corporate policy to misappropriate
DuPont's trade secrets to augment the knowledge and efforts of its own research
staff illustrates that, left to its own devices, Kolon simply would not have
developed the trade secrets it misappropriated," Payne wrote.
The injunction, he added, could significantly reduce harm to DuPont without any
harm to Kolon, "except that which it brought upon itself and which, by right, it
should suffer."
In its request for a stay, Kolon said it is likely to win an appeal, citing
alleged errors at trial, weaknesses in DuPont's case, and a lack of evidence
that Kolon's activities caused DuPont to lose sales or profit.
DuPont countered that Kolon faces no irreparable harm, as Heracron accounts for
only 1.7 percent of sales. It also said Kolon has not posted bond to secure the
$919.9 million award, and a court should not review its stay request until it
does.
According to court papers, DuPont sells more than 70 percent of para-aramid
fibers purchased in the United States.
The company's safety and protection operations, which include Kevlar and Nomex,
a flame-resistant fiber used by firefighters, had $1.93 billion of sales from
January to June, 9 percent of DuPont's $22.24 billion total sales.
The Wilmington, Delaware-based company also makes products used in the chemical,
agriculture and biotechnology industries.
DuPont shares were up 0.3 percent at $49.72 on Friday afternoon on the New York
Stock Exchange.
The case is DuPont v. Kolon Industries Inc et al, U.S. District Court, Eastern
District of Virginia, No. 09-00058.
------
2012/8/31 DuPont
U.S. Federal Court Issues Order for Kolon to
Cease Manufacture of Heracron® Aramid Fiber for 20 Years
DuPont issued the following statement after a
ruling by the U.S. Federal Court in Richmond, Va.,
ordering Kolon Industries to stop producing and selling their Heracron® aramid
fiber:
“The injunction, coming on the heels of DuPont’s
$920 million damages award from last September, reaffirms what was
already clear: that Kolon Industries willfully and maliciously misappropriated
DuPont’s proprietary Kevlar® technology,” said Thomas L. Sager, DuPont senior
vice president and general counsel. “The trial court ordered Kolon to not
produce, market or sell any para-aramid fiber products, worldwide, for 20 years;
it also permanently enjoined Kolon from using any of the trade secrets it stole
from DuPont. Additionally, Kolon has until Oct. 1 to remove and return DuPont’s
trade secrets or face contempt proceedings.
“In so ruling, the court found Kolon’s conduct
to be ‘brazen,’ adding that ‘Kolon’s conduct shows a complete disregard for
DuPont’s trade secret rights and a disregard for the law that protects such
secrets.’ At Kolon, the judge held, misappropriation of DuPont’s trade secrets
was ‘a matter of corporate policy.’ A full production injunction is warranted
because ‘the Court has no confidence that Kolon could be relied upon to police
its own activities.’”
Thomas G. Powell, president of DuPont Protection
Technologies, added, "We are pleased that the judge has enforced the protection
of our Kevlar® trade secrets. DuPont has devoted more than 40 years and
considerable expense to research and refine Kevlar® to make it the world’s most
trusted aramid fiber. It is important not only to us but also to our customers
that we are able to continue to innovate and invest in our business, our brands
and our latest technologies, including our new facility to make Kevlar® near
Charleston, S.C. The judge’s order sends a clear message to Kolon and others
that they cannot benefit from the theft of our trade secrets."
Background:
DuPont has been engaged in litigation with Kolon for over three years. In
January 2012, the trial judge in DuPont’s lawsuit against Kolon for theft of
trade secrets denied Kolon’s motions for a new trial and for a reversal or
reduction of the jury’s $920 million award.
In addition to today’s injunction ruling, DuPont
expects to recover attorneys’ fees spent pursuing Kolon’s theft of the trade
secrets DuPont spent decades developing. DuPont is pursuing proceedings to
enforce and collect on the judgment.
In 2007, DuPont became concerned about Kolon’s
activities and notified the FBI, the Department of Justice and the Department of
Commerce. DuPont filed a civil lawsuit against Kolon in 2009 and the jury in the
case awarded DuPont $919 million in September 2011. In November, the trial judge
ruled that Kolon's conduct warranted punitive damages at the maximum amount
allowable by law. Coupled with the September jury verdict, overall damages
against Kolon now total over $920 million, accruing post-judgment interest.
Groundbreaking research by DuPont scientists in
the field of liquid crystalline polymer solutions in 1965 formed the basis for
the commercial preparation of Kevlar® aramid fiber, best known for its military
and law enforcement applications. In addition, Kevlar® is used for many
commercial and industrial applications, ranging from tires and fiber optic
cables to sports equipment and spacesuits.
DuPont has been bringing world-class science and
engineering to the global marketplace in the form of innovative products,
materials, and services since 1802. The company believes that by collaborating
with customers, governments, NGOs, and thought leaders we can help find
solutions to such global challenges as providing enough healthy food for people
everywhere, decreasing dependence on fossil fuels, and protecting life and the
environment. For additional information about DuPont and its commitment to
inclusive innovation, please visit www.dupont.com.
2012/8/30
DuPont
The Carlyle Group to
Buy DuPont Performance Coatings Business for $4.9 Billion
Global alternative asset manager The Carlyle Group and DuPont today announced
that they have signed a definitive agreement whereby Carlyle will purchase
DuPont Performance Coatings (DPC) for $4.9 billion
in cash. The transaction is expected to close in the first quarter 2013, subject
to customary closing conditions and regulatory approvals.
DPC is a global supplier of vehicle and industrial coating systems with 2012
expected sales of more than $4 billion and more than 11,000 employees. The
investment will be funded with equity from Carlyle Partners V and Carlyle Europe
Partners III.
“DuPont Performance Coatings is a leader in the automotive and industrial
coatings sectors with world-class products and customer service. The business
continues to grow and deliver solid results. After a careful review, however, we
have determined that DPC’s full growth potential would be best realized outside
DuPont and through the sale to Carlyle,” said DuPont Chair and CEO Ellen Kullman.
“This transaction is consistent with our vision to be the world’s most dynamic
science company and long-term strategy of driving competitive advantages in
agriculture and nutrition, advanced materials and biotechnology, which represent
high-growth, high-margin opportunities.”
Greg Ledford, Carlyle Managing Director and Head of the Industrial and
Transportation team, said, “DuPont Performance Coatings is a successful business
with attractive market positions, next-generation technology and established
brands. Through targeted investments we will support DPC’s product development
and growth objectives as it transitions to a stand-alone company. We look
forward to working with management to fully realize DPC’s great potential.”
Gregor Böhm, Managing Director and Co-head of Carlyle’s Europe Buyout team,
said, “DuPont Performance Coatings is a technology innovator and we look forward
to building on its strong market presence to accelerate growth in emerging
markets, particularly in China and Brazil.”
Kullman stressed that DuPont remains
committed to serving
the automotive industry. Following the closing of this transaction,
DuPont will generate more than $3 billion in sales of advanced materials to the
auto industry. “We will continue to work closely with automotive customers to
apply our science-powered innovations related to light weighting of vehicles,
revolutionary and environmentally friendly refrigerants, biobased seat fabrics
and headliners, and next-generation biofuels,” Kullman said.
Beginning with the third quarter 2012, DuPont will classify and report results
of DPC as discontinued operations on a retroactive basis. DuPont expects 2012
full-year earnings from discontinued operations to be in the range of $.41 to
$.47 per share. Full-year 2012 guidance was last updated on and as of July 24,
2012, and is not being updated today. The company will begin providing full-year
2012 guidance from continuing operations when it issues its third quarter
earnings announcement on Oct. 23.
DuPont plans to eliminate general corporate overhead costs that were previously
allocated to DPC but are not part of the transaction. Additional details will be
provided during DuPont’s third quarter earnings announcement. As part of the
transaction, Carlyle will assume $250 million of DuPont’s unfunded pension
liabilities. DuPont will use the net after-tax proceeds of this sale in a manner
consistent with its cash deployment principles and goal to maximize shareholder
value creation.
Carlyle’s industrial and automotive investments include Allison Transmission,
Hertz and PQ Corporation, as well as recent commitments to invest in Hamilton
Sundstrand Industrial, Sunoco’s Philadelphia refinery and regional rail freight
operator Genesee & Wyoming.
About DuPont Performance Coatings Founded in 1922 and headquartered in Wilmington, Del., DuPont Performance
Coatings is the leading global manufacturer, marketer and distributor of
advanced coating systems primarily for the transportation industry. The company
comprises four segments: refinish, OEM, industrial liquid and powder. With a
consistently premium product, the firm is considered to be one of the highest
quality paint providers in the auto refinish, OEM and liquid coatings market.
The company operates manufacturing sites on six continents, serving customers in
120 countries directly and through 4,000 distributors.
May 8, 2013 DuPont
DuPont and OCP Announce a Joint Venture on
Safety and Sustainability
Two Companies will Collaborate to Offer Operational
Consulting and Training Services
DuPont and OCP (Office Chrifien des Phosphates:モロッコ燐鉱石公社)
today announced the creation of a joint venture to provide consulting and
training services to improve the safety, operational and
environmental performance of companies in Morocco and other African countries.
The joint venture will be named DuPont OCP Operations
Consulting, and DuPont and OCP will each hold 50 percent of its share
capital.
This joint venture will combine the internationally renowned expertise of DuPont
Sustainable Solutions (DSS) and OCP’s world-class industrial experience and
local market knowledge to provide consulting and training services in the areas
of employee and contractor safety and training, process
safety management, asset productivity, energy efficiency, integrated operations,
sustainability strategy and environmental management. DuPont OCP
Operations Consulting will help OCP and industrial companies in Morocco and the
region achieve world-class safety and sustainability performance.
“This new partnership underscores the importance of collaboration,” said James
R. Weigand, president of DuPont Sustainable Solutions. “In line with our
market-driven science strategy, this knowledge transfer will allow us to combine
the strengths of two leading companies to expand the range of innovative safety,
productivity and sustainability solutions available to the market. It will
enable DSS to better meet local needs by providing world-class consulting and
training services to industries in Morocco and key developing regional markets.
OCP’s strong regional presence and long-term growth strategy makes them an ideal
partner for us to achieve world-class safety performance and add value to the
DuPont OCP Operations Consulting offerings.”
Amar Drissi, OCP’s executive vice president Operations said, “This joint venture
will allow OCP to significantly enhance its safety and sustainability
performance. Moreover, OCP’s ambition encompasses a broader aim to advance local
industries and develop a more skilled workforce in Morocco. OCP has a strategic
interest in ensuring that its industrial ecosystem in Morocco becomes safer,
more environmentally sustainable and more productive which will improve the
competitiveness of the country as a whole, allowing for more foreign investment
and overall improve economic growth. OCP is committed to elevating safety
standards in the region to world-class requirements. Our collaboration with
DuPont is a great way to further support this strategic commitment and
dramatically improve the performance of our operations and supply chain.”
OCP Group is a global leader in the
phosphate industry and its derivative products and is a key player in the
international market since 1920. Present across the value chain, OCP extracts,
markets and sells phosphate and its derivative products. The Group has generated
revenues of 59.3 billion of MAD (Moroccan Dirham) in 2012. It employs a direct
workforce of over 23,000 employees and substantially contributes with its mining
and industrial facilities and through its different programs and projects, to
the development of several regions of the Kingdom of Morocco. For further
information, visit our website: www.ocpgroup.ma.
DuPont Sustainable Solutions is one of 12 DuPont businesses. Bringing customers
the benefits of an integrated global consulting services and process technology
enterprise, it applies DuPont’s real-world experience, history of innovation,
problem-solving success, and strong brands to help organizations transform their
workplaces and work cultures to become safer, more efficient and more
environmentally sustainable. Additional information is available at:
www.sustainablesolutions.dupont.com.
DuPont has been bringing world-class science and engineering to the global
marketplace in the form of innovative products, materials, and services since
1802. The company believes that by collaborating with customers, governments,
NGOs, and thought leaders, we can help find solutions to such global challenges
as providing enough healthy food for people everywhere, decreasing dependence on
fossil fuels, and protecting life and the environment. For additional
information about DuPont and its commitment to inclusive innovation, please
visit: www.dupont.com
DuPont Realigns Leadership Team to Accelerate
Integrated Science Execution, Explores Strategic Alternatives for Performance
Chemicals
Taking the next steps in its transformation to a higher growth company,
DuPont today is realigning its leadership team to accelerate its integrated
science execution across the company and is exploring
strategic alternatives for its Performance Chemicals segment. These
steps are part of DuPont’s transformation to a higher growth, less cyclical
company that integrates its unique scientific capabilities in biology, chemistry
and materials to develop differentiated, high-value solutions in the attractive
agriculture and nutrition, industrial biosciences and advanced materials markets
worldwide.
To accelerate the execution of its applied integrated science strategy
across its businesses, James C. Collins, Jr., who currently leads the Industrial
Biosciences business, will become senior vice president, reporting to DuPont
Chair and CEO Ellen Kullman, and will oversee the Industrial Biosciences,
Performance Polymers and Packaging & Industrial Polymers businesses. Collins
will accelerate the integration of DuPont’s rapidly growing and leading
industrial biotechnology into its wide-ranging advanced materials businesses, as
demand for renewably sourced materials expands steadily. A 29-year veteran of
DuPont, Collins led the Danisco acquisition integration team before assuming his
current role.
In addition, Matthew L. Trerotola will rejoin DuPont and report to Kullman
as senior vice president with responsibility for the Protection Technologies,
Building Innovations, and Sustainable Solutions businesses. He will be
accountable for driving improved execution and accelerate growth in these
businesses. A previous DuPont corporate officer, Trerotola is familiar with
DuPont’s strong brands including DuPont™ Kevlar®, Tyvek® and Nomex®. Most
recently, he was vice president and group executive of life sciences for the
Danaher Corporation.
DuPont’s consideration of strategic alternatives for its Performance
Chemical segment may include a full or partial separation
of each of these businesses from the company through a spin-off, sale or other
transaction.
The segment includes Titanium Technologies and Chemicals &
Fluoroproducts businesses which generated total sales of $7.2 billion in
2012. DuPont may pursue a different strategic alternative for each business.
Performance Chemicals – Sales of
$1.6 billion were down 15
percent, with 8 percent lower volume and 7 percent lower prices. Lower
volume resulted primarily from weak demand for fluoropolymers in U.S. and
Europe.
DuPont’s decision to explore strategic alternatives for its Performance
Chemicals businesses reflects its ongoing portfolio review to determine how best
integrated science can contribute to growth and the optimal mix of businesses
for maximizing shareholder value. This follows DuPont’s sale of its Performance
Coatings business earlier this year and the acquisition of Danisco in 2011.
“As we discussed at our Investors Day in May, we have been carefully
weighing the strong cash generation of our Performance Chemicals businesses
against their cyclicality and lower growth profile, as well as where the power
of DuPont’s integrated science can be differentiated,” said Kullman. “We are
evaluating options for our Performance Chemicals businesses as part of our
ongoing plan to deliver higher growth and greater value creation for our
shareholders.”
-----
Reuters
DuPont seeks exit from paints business to focus on farms
DuPont plans to exit its once-lucrative paint pigments business (Titanium
dioxide) to focus on a thriving agricultural unit better
equipped to shield the biggest U.S. chemicals maker from market volatility.
DuPont's shares rose as much as 6 percent to their highest in more than 13
years after the company said it would consider selling or spinning off its
performance chemicals unit, which contributed a fifth of its sales last
year.
Chief Executive Ellen Kullman said DuPont's earnings would be "significantly
better" in the second half of 2013 than in the same period last year due to
agricultural growth in the Americas - reinforcing the planned exit from
performance chemicals.
DuPont is joining an industry-wide shift among chemical makers, including
rival Dow Chemical, into production of seeds and
pesticides, which have proven to be less exposed to market ebbs and
flows than the popular pigment titanium dioxide.
Agricultural demand is driven by North American farmers in the first half of
the year and South American farmers in the second. The expanding global
population, particularly in Asia, is also driving demand for fertilizers,
seeds and pesticides.
But demand for titanium dioxide, a pigment that gives shine to car paints,
sunscreen and toothpaste, has long been susceptible to swings in the global
economy.
Global titanium dioxide prices went into tailspin last year after the
world's biggest producers, including DuPont, Saudi Arabia's Cristal Global,
Tronox Ltd and Huntsman Corp, restarted plants idled during the recession.
As prices declined, revenue within DuPont's performance chemicals unit fell
8 percent in 2012. Kullman said the company had been weighing the cash
generation of the businesses against their cyclical nature and "lower growth
profile".
"There is nothing science can do to arrest the
volatility or the cyclicality of these businesses," she said on a
conference call, adding DuPont would focus on "science-driven" businesses
such as agriculture, nutrition and industrial biosciences.
Analysts said the hand of a new investor might also be behind the move.
Nelson Peltz, a force behind some of the global food industry's biggest
deals, had amassed a "big stake" in DuPont through his Trian Fund
Management, CNBC reported last week.
Some investors have blamed the performance chemicals business for weighing
on DuPont's shares, which trade at a discount to those of another rival in
the agriculture business, Monsanto Co .
"I don't think we would have seen this move about the performance chemicals
business in this quarterly release without revelations about activist
investors getting involved," said Stephen Hoedt, senior equity research
analyst with Key Private Bank.
Kullman, in an interview with CNBC on Tuesday, said she had not spoken to
Peltz. She said she had heard "rumors" about his acquisition of a stake.
SPIN OFF OR SALE?
DuPont's performance chemicals unit, of which paints pigments are a big
part, generated total sales of $7.2 billion in 2012.
In a note to clients, BGC Financial analyst Mark Gulley estimated that the
unit could be worth about $8.9 billion pre-tax.
But DuPont might find it easier to spin off the business or seal
private-equity deals than find a strategic buyer for the performance
chemical business, said John Roberts, who leads U.S. chemical coverage at
UBS Investment Research.
Roberts cited smaller rival Rockwood Holding Inc's <ROC.N> difficulties in
finding a buyer for its titanium dioxide business.
DuPont itself declined to comment.
"It's way too soon to go down a path of who might be a potential buyer,"
Chief Financial Officer Nick Fanandakis said in an interview with Reuters.
Huntsman, which is also exploring options for its titanium dioxide business,
could be looking to buy Rockwood's pigments unit, Reuters reported this
month.
Wilmington, Delaware-based DuPont, a 211-year-old company, sold its car
paint unit for $5 billion last year and bought nutritional supplements maker
Danisco for $6 billion in 2011.
Sales of pesticides and other agricultural products helped DuPont's
quarterly profit scrape past analysts' estimates, as paint pigments once
again lagged. Net income fell 13 percent to $1.03 billion in the second
quarter.
DuPont's shares shed earlier gains to trade up just 0.5 percent at $57.40 in
midday trading on the New York Stock Exchange. They have risen about 20
percent in the last six months.
Feb.
28, 2014
DuPont Opens Office in Myanmar, One of the Fastest Growing Economies in
ASEAN
DuPont, the world’s leading
science company, announces the opening of its business operations in Myanmar,
with commitment to helping address the country’s challenges in feeding the
growing population, reducing dependence on fossil fuels and protecting people
and the environment.
Myanmar becomes the 8th ASEAN
country and the 19th Asia territory where DuPont has a presence. DuPont Myanmar
focuses on strengthening its local presence through collaboration with local
partners to offer science-powered solutions in agriculture, food, energy and
construction as well as supporting community initiatives and local people
development.
“Myanmar has one of the fastest
growing economies and a promising potential to advance ASEAN’s growth. Today’s
office opening reflects our long-term commitment in helping meet the country’s
needs in agriculture and food, energy and environmental protection,” said DuPont
ASEAN Group Managing Director Hsing Ho.
Myanmar’s population today
stands at 60 million people. It intends to become one of the world’s leading
rice exporters again, making rice crop and agriculture a key growth sector for
the country. Myanmar also faces the pressing challenge on developing
sustainable and clean energy sources. There are significant energy productions
and efficiency investments that Myanmar will need to implement over the next
decade.
Aug. 13, 2014 Reuters
Carlyle Taps Banks For Former DuPont Unit IPO: Sources
Buyout firm Carlyle Group LP has hired banks for an initial public offering of
Axalta Coating Systems LLC, according to people
familiar with the matter, just a year and a half after it acquired the company
from Dupont for $4.9 billion.
Citigroup Inc and Goldman Sachs Group Inc have been given leading roles in the
potential IPO of the performance coatings company, the people said on Wednesday.
The IPO could raise as much as $1 billion, one of the people added.
The sources asked not to be identified because the discussions are private.
Bloomberg News reported on Axalta's IPO preparations earlier on Wednesday.
Carlyle, Citigroup and Goldman Sachs declined to comment, while an Axalta
spokeswoman did not immediately respond to a request for comment.
Based in Philadelphia, Axalta makes liquid and powder coatings for the
automotive and general transportation industries. It operates 35 manufacturing
centers and does business in more than 130 countries, according to its website.
Private equity firms typically hold on to companies between three and five years
before they sell them. Carlyle's plans to take Axalta public in such a short
time frame reflect the strength of the equity markets as well the private equity
firm's confidence in Axalta's prospects as a public company.
These plans, however, may not necessarily lead to a quick exit for Carlyle. For
example, it took the Washington, D.C.-based firm more than six years for it to
sell its shares in Hertz Global Holdings Inc .
Carlyle took Hertz public in November 2006, just seven months after it acquired
the company together with Clayton Dubilier & Rice LLC and Merrill Lynch Private
Equity in a $15 billion deal.
Other private equity firms have also rushed to take some of their biggest
portfolio companies public. Apollo Global Management LLC floated oil and gas
producer EP Energy Corp in the stock market in January, just eight months after
acquiring it from Kinder Morgan Inc for $7.15 billion.
September 8, 2014 The Columbus Dispatch
Thousands of C8 suits against DuPont flood federal court
A decade-long legal battle accusing DuPont of being responsible for
life-threatening medical problems among Ohio River residents is flooding federal
court in Columbus.
Nearly 2,500 personal-injury lawsuits have been filed against DuPont as part of
multidistrict litigation assigned to U.S. District Judge Edmund A. Sargus Jr.
and Magistrate Judge Elizabeth A. Preston Deavers.
More than 600 already are in federal court, and the rest will be transferred
from Ohio and West Virginia state courts.
The lawsuits — some on behalf of people who died — say that
C8 (Perfluorooctanoic
acid), a
chemical used to make Teflon at a DuPont plant in
Washington, W.Va., made area residents sick after it was dumped into the water
for decades as waste. The plant is near Parkersburg, W.Va., and the C8 was in
drinking water on both sides of the river.
A judicial panel decided last year that the cases, which involve both Ohio and
West Virginia residents, should be heard in one court. The panel selected
Columbus, in part because the federal Southern District of West Virginia was
overloaded with other multidistrict lawsuits.
The lawsuits stem from a 2001 class-action case in West Virginia. Residents
living near the DuPont plant sued the company, claiming that it had known of the
dangers of C8 for years. As part of a 2005 settlement, DuPont agreed to filter
C8 from the water and provide millions of dollars for a science panel to study
whether the chemical had harmed residents.
That study of 70,000 residents found probable links between C8 exposure and
kidney cancer, testicular精巣cancer, thyroid 甲状腺disease,
high cholesterol, pregnancy-induced hypertension妊娠高血圧症
and ulcerative colitis潰瘍性大腸炎, a type
of inflammatory bowel disease. Residents with those health conditions, or
surviving family members, are allowed under the settlement to file
personal-injury cases against DuPont.
DuPont officials issued a statement regarding the upcoming litigation: “Lawsuits
such as these ignore family history, lifestyle choices and other causes of
health issues and disease in specific individuals.”
The statement also said the company will “vigorously defend against any and all
such lawsuits not based upon valid science.”
Harry Deitzler, a lawyer who has filed more than 900 of the lawsuits, said he
expects that as many as 3,000 total lawsuits will be filed by the January
deadline. He also was involved with the 2001 lawsuit.
Unlike a class-action lawsuit in which multiple plaintiffs sue one or more
defendants, each plaintiff in multidistrict litigation sues separately and must
prove his or her case.
The cases, however, have common elements, so fact-gathering is done jointly, and
legal decisions affect all the cases. A steering committee of plaintiff lawyers
guides the plaintiffs’ cases, and depositions taken for one case can be used in
other cases.
Sargus said several representative cases are tried first in multidistrict
litigation. After that, each case is settled, withdrawn or goes to trial. The
judge said he could not discuss details of the DuPont case.
The lawsuits ask for compensatory and punitive damages and payment of
plaintiffs’ costs for the injuries caused by what is described as DuPont’s
“reckless and negligent” contamination of drinking-water supplies.
The first is scheduled for trial in September 2015. That’s the year that DuPont
has said it will phase out the use of C8.
One suit, filed by the father of Travis M. Lawless of Vincent, Ohio, says that
Lawless died of testicular cancer at age 19 as a result of C8 in the drinking
water.
The company has used the chemical, also called perfluorooctanoic acid, or PFOA,
to make nonstick and stain- and water-resistant coatings for products —
including pots, pans, carpets and clothes — for more than 50 years.
Some court records show that company scientists issued internal warnings about
C8 as early as 1961.
Residents near the DuPont plant who don’t have any of the six conditions linked
to C8 exposure are eligible for medical monitoring paid for by DuPont as a
result of the 2005 settlement. Letters about the monitoring began going out to
residents last week.
Deitzler said those people can sue DuPont later if certain medical conditions
show up.
(1) PFOA、もしくは分解してPFOAを発生する前駆体物質b)、およびC8より炭素数の多い類縁物質c)の、工場から環境中への排出量、製品中含有量の両方について、2010年に基準年比95%削減すること。
(2) PFOA、もしくは分解してPFOAを発生する前駆体物質、およびC8より炭素数の多い類縁物質を2015年に全廃することに対する努力を行うこと(Working
toward the elimination)を約束すること。
b)
撥水・撥油剤の製造プロセスにおけるC8F17CH2CH2OH(テロマーアルコール)、C8F17I(テロマーアイオダイド)等のことで、製品中に残存しPFOAに変化すると考えられる物質
c) PFOAやその前駆体と同様な化学構造をもつ、炭素(C)が9個以上の物質
弊社は、他の7社と同様に、2006年2月末、プログラムへ参加し、着実に削減を実行しています。
12/18/2014
DuPont Announces Filing of Form 10 Registration Statement for Performance
Chemicals Spinoff; 'The Chemours Company' Selected as Name of New Public Company
DuPont announced today that the new
public company created following completion of the pending
separation of its Performance Chemicals segment will be named
The Chemours Company ("Chemours").
In addition, DuPont
disclosed Chemours' executive leadership team and announced the
filing of the initial Form 10 registration statement with the
U.S. Securities and Exchange Commission. DuPont today also
will file a Form 8-K/A with an update related to the company's
redesign initiative.
"Today's announcements continue
our solid progress to complete the separation of Performance
Chemicals and create two strong, publicly traded companies with
distinct value creation strategies," said DuPont Chair and Chief
Executive Officer Ellen Kullman. "DuPont
and Chemours will each be global leaders, well positioned to pursue
their respective objectives and strategies."
The Chemours Company Following its separation from
DuPont, Chemours will be a new, publicly
traded global leader in titanium dioxide, fluoroproducts and
chemical solutions. The name reflects a focus on the science
of chemistry and the heritage of the du Pont family origins in
Nemours, France.
Chemours will have approximately
9,100 employees, 37 production facilities in 12 countries, and will
serve over 5,000 customers worldwide. Chemours intends to apply to
list on the New York Stock Exchange under Ticker Symbol
"CC."
Nov. 19, 2015
Chemours Signs Definitive Agreement to Sell Aniline Facility
Agreement is Another Step in
the Company’s Five-Point Transformation Plan
The Chemours Company, a global chemical company with leading market positions in
titanium technologies, fluoroproducts and chemical solutions, has signed a
definitive agreement to sell its aniline facility in
Beaumont, Texas to The Dow Chemical Company
(Dow) for approximately $140 million in cash. The
transaction close is subject to customary approvals and closing conditions.
DuPontの取締役会は2015年6月5日、分離上場するPerformance
Chemicals 事業の新会社 The Chemours Companyの株式を株主に配当として支払うことを決めた。
6月23日時点の株主に、DuPont株式 5株当たり新会社株式 1株を7月1日に渡す。端数株式はまとめて売却し、現金で配分する。
As part of this transaction, Chemours has entered into an agreement to meet
Dow’s additional aniline requirements with supply from its
Pascagoula, Mississippi facility. Chemours will continue to serve other
aniline customers from its Pascagoula plant.
“We have moved rapidly since Chemours was created in July to capture substantial
cost reductions and streamline our portfolio,” said Mark Vergnano, Chemours
president and CEO. “We will continue to take actions to deliver on every aspect
of our five-point transformation plan, and to enable greater focus on our
businesses that have the strongest advantages and greatest market
opportunities.”
Vergnano added: “Dow owning the Beaumont aniline facility is a natural fit,
since Dow has been our largest aniline customer for many years. Our aniline
facility employees have been a valued part of our company, and we wish them well
in this next chapter of their working lives.”
About The Chemours Company
The Chemours Companyhelps create a colorful, capable and cleaner world through
the power of chemistry. Chemours is a global leader in titanium technologies,
fluoroproducts and chemical solutions, providing its customers with solutions in
a wide range of industries with market-defining products, application expertise
and chemistry-based innovations. Chemours ingredients are found in plastics and
coatings, refrigeration and air conditioning, mining and oil refining operations
and general industrial manufacturing.
Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™,
Viton™, Opteon™ and Nafion™.
Chemours has approximately 8,400 employees across 36 manufacturing sites serving
more than 5,000 customers in North America, Latin America, Asia-Pacific and
Europe. Chemours is headquartered in Wilmington, Delaware and is listed on the
NYSE under the symbol CC.
2017/3/31
DuPont Announces Agreement with FMC
DuPont to Divest a Portion of
Its Crop Protection Business and Acquire FMC’s Health & Nutrition
Business
Transaction Marks Meaningful
Step Forward in Proposed DuPont and Dow Merger; Maintains
Significant Strategic Value Creation Potential of Merger Transaction
Merger with Dow Now Expected to
Close Between August 1 and September 1
DuPont today announced that it has
entered into a definitive agreement with FMC
Corporation to divest a portion of DuPont’s
Crop Protection business, including certain research and development
capabilities, and to acquire substantially
all of FMC’s Health & Nutrition business. The transaction
includes consideration to DuPont of $1.6 billion
to reflect the difference in the value of the assets, including cash of
$1.2 billion and working capital of $425 million. The divestiture will
satisfy DuPont’s commitments to the European
Commission in connection with its conditional regulatory
clearance of the merger with Dow.
“We believe this agreement is an
excellent outcome that serves the best interests of all stakeholders,
including our shareholders, customers and employees,” said Edward D.
Breen, chairman and chief executive officer of DuPont. “Our intended
independent Agriculture company will continue to benefit from the
combined, complementary strengths of DuPont and Dow, which will include
greatly expanded offerings and a robust pipeline across seed germplasm,
biotech traits, and crop protection to provide greater choice and
innovation to growers around the world. At the same time, we are
significantly enhancing our Nutrition & Health capabilities, a key area
of growth and opportunity for the intended independent Specialty
Products company.
“This agreement with FMC is a
win-win. It is pro-competitive; it advances the regulatory approval
process; and it maintains the strategic logic and value creation
potential of our merger with Dow and the three independent companies we
intend to create,” concluded Breen.
The merger transaction is still
expected to generate cost synergies of approximately $3 billion and
growth synergies of $1 billion.
Divestiture of Select DuPont Crop
Protection Assets
Under the terms of the agreement, FMC
will acquire DuPont’s Cereal Broadleaf Herbicides and Chewing
Insecticides portfolios – including Rynaxypyr®, Cyazypyr® and Indoxacarb.
In addition, FMC will acquire the DuPont Crop Protection research and
development pipeline and organization, excluding
seed treatment, nematicides, and late-stage R&D programs, which
DuPont will continue to develop and bring to market, and excluding
personnel needed to support marketed products and R&D programs that will
remain with DuPont. The assets being divested generated revenues in 2016
of about $1.4 billion.
Following the divestiture, the
Agriculture division of the merged company will retain strong crop
protection assets, including an excellent portfolio in corn and soy
broadleaf and grass control, a robust cereal weed control portfolio,
DuPont’s strong position in disease control, and Dow AgroSciences’
industry leading insecticide portfolio. With its continued strength in
R&D, the combined Agriculture division will be well positioned to
accelerate growth, leveraging strong pipelines in both seeds and
chemistry to serve growers around the world with a robust portfolio of
innovative solutions, greater choice, and competitive price for value.
Acquisition of FMC Health &
Nutrition Business
As part of the transaction agreement,
DuPont will acquire FMC’s Health & Nutrition business, which generated
more than $700 million in revenues in 2016 from two main segments:
texturants (スターチなど)as food ingredients and
pharmaceutical excipients賦形剤. The
business is highly complementary to DuPont’s existing Nutrition & Health
(N&H) business with opportunity for growth synergies. By integrating
FMC’s complementary Health & Nutrition business, DuPont will strengthen
its N&H capabilities with broader offerings and an expanded footprint.
DuPont’s N&H business is a leader in
the food ingredients industry, using renewably sourced raw materials to
create a wide range of ingredients that food manufacturers use to
provide safer, healthier, more affordable and nutritious food and
beverages for consumers. This transaction strengthens DuPont’s access
to key ingredients for its systems and food texturants portfolio,
enables the business to expand into the fast-growing pharma excipients
space, and provides access to new and complementary routes to market. As
a result, DuPont N&H will be in a stronger position to drive growth,
invest in R&D, and provide more products and solutions to customers
worldwide.
The transaction with FMC is expected
to close in the fourth quarter of 2017, subject to the closing of the
DuPont and Dow merger, in addition to other customary closing
conditions, including regulatory approvals.
To accommodate the requirements of
the FMC transaction, DuPont and Dow have amended the merger agreement to
extend the “Outside Date” to August 31, 2017, and the companies
anticipate closing of the merger to occur between August 1, 2017 and
September 1, 2017, subject to satisfaction of customary closing
conditions, including receipt of regulatory approvals. The companies
still expect the intended spin-offs to occur within 18 months after
closing. In addition, Dow and DuPont are announcing that they now expect
the first spin-off of the intended separation process will be the
spin-off of the post-merger Material Science company.
Evercore and Goldman, Sachs & Co. are
serving as DuPont’s financial advisors for the transaction, with Skadden,
Arps, Slate, Meagher & Flom LLP acting as its legal advisor.
2017/11/2
DuPont Closes Iowa Cellulosic Ethanol Facility, Puts Plant Up for Sale
Two years after its opening, DuPont Industrial Biosciences announced it will
sell the company’s $225 million cellulosic ethanol facility in Nevada, Iowa.
DuPont cited its merger with Dow as part of the reason for the decision to close
and sell the plant.
“As part of DowDuPont’s intent to create a leading specialty products company,
we are making a strategic shift in how we participate in the cellulosic biofuels
market. While we still believe in the future of cellulosic biofuels, we have
concluded it is in our long-term interest to find a strategic buyer for our
technology including the Nevada, Iowa, biorefinery,” DuPont said in a statement
Thursday.
Operations will shut down and 90 workers were let go, according to the Des
Moines Register; a small crew is still in place to maintain the facility.
When the plant opened in 2015, it was touted as the largest cellulosic ethanol
plant in the country with the potential to produce 30 million gallons of ethanol
a year from corn stover.
Despite the move, DuPont says it will continue to be involved in the biofuels
market.
“We will continue to participate in the overall biofuels market through
specialty offerings, including biofuel enzymes and engineered yeast solutions
that improve yield and productivity for biofuel producers. We plan to work
closely with local, state, and federal partners to assure a smooth transition as
we pursue the sale of the business. All affected employees will receive support
services during this transition,” according to the DuPont statement.
There have been signs that the plant wasn’t producing up to its potential. Last
year, DuPont stopped collecting corn stover from farmers because the plant had
run out of storage.
“We just don’t have the capacity to harvest in 2016, and so we’ve notified our
farmers that we’re going to set aside for the 2016 harvest year, and then we’ll
need to come back in 2017 and begin to ramp up again,” said John Pieper, the
corn stover and feed-stock supply chain development lead for DuPont, in an
interview with the Ames Tribune in 2016.
“We are off of our original estimates for start-up,” Pieper said in the
interview. “So we’re off our schedule a little bit, but we’ve been moving
forward steadily all the time.”
Nov. 8, 2018
DuPont sells Iowa
ethanol plant to German company; it will soon make
renewable natural gas
The DuPont cellulosic ethanol
plant in Nevada will be sold to a German biofuels company's U.S. subsidiary,
which plans to convert the plant to produce renewable natural gas.
Verbio North America Corp., the
Michigan-based subsidiary of Verbio Vereinigte BioEnergie AG, will
purchase the next-generation Iowa ethanol plant and a portion of its corn
stover inventory.
Verbio declined to provide a purchase
price.
The company expects to use corn stalks,
husks and cobs to make the renewable natural gas, said Greg Northrup,
president of Verbio's U.S. operation, in an email.
Verbio will buy 100,000 tons of stover —
roughly 150,000 bales — that DuPont has stored in central Iowa. Officials
have not said how much stover will remain in storage after the sale.
The deal is expected to close this
month, the companies said.
Verbio plans to start construction to
transition the plant from ethanol to renewable natural gas in the
spring, with commercial production of renewable transportation fuel ready to
go by summer 2020.
The company will follow
established federal regulations that outline renewable natural gas
production, Northrup said.
"Once our plans are
completed and additional facilities are constructed, a third party will
conduct an audit of our facilities processes to ensure compliance," he said.
DuPont had begun making
ethanol from corn cobs and stalks before announcing a year ago it would
close the plant and sell it. It laid off 90 workers.
The $225 million plant,
capable of making 30 million gallons of biofuels annually, was called the
world's largest cellulosic ethanol plant when it opened in 2015.
The project received about
$17.5 million in state support: a $9 million Power Fund grant, a $5 million
Iowa Values Fund forgivable loan and $3.5 million in high-quality job
creation incentives.
Jacque Matson, a state
economic development spokeswoman, said the agency is negotiating to have
DuPont repay part of the incentives, but declined to say how much, given
ongoing discussions.
She also was unable to say
whether Verbio could receive new incentives to reopen the shuttered plant.
The Iowa Economic Development Authority Board is slated to meet Nov. 16.
Debi Durham, the state's
economic development director, said in a statement that the Nevada plant
represents "Iowa’s commitment to new technology and renewable energy
production."
"We look forward to the
innovation and jobs that Verbio’s purchase will mean for Iowa as they
convert their first U.S. plant to produce renewable natural gas,” Durham
said.
Matt Mardesen, Nevada's
city administrator, said he's glad the idled plant will find a new use.
"I’m excited to see the
plant repurposed," Mardesen said. "It's a great step forward getting the
plant back into use" for biofuels production.
Mardesen said new jobs
that come with the purchase will be welcome, as will the added income for
farmers who provide corn stover.
"It's always a good thing
to create jobs and help the local economy," he said.
Mardesen said he hasn't
talked with the company about possible incentives.
He said the city council
will consider ending its development agreement with DuPont on Tuesday. It
allowed for the partial repayment of DuPont property taxes.
DuPont, which merged with
Dow Chemical, said the cellulosic ethanol plant no longer fit with the
company's strategic plan.
Verbio said the Nevada
plant will be its third production facility devoted to cellulosic
technology.
In 2014, the company
commissioned its first facility in Schwedt, Germany. Its second facility in
Pinnow, Germany, is currently being commissioned.
Verbio says it is a
leading manufacturer in the German biomethane and biofuels market running
four production facilities producing around 27 million gallons of renewable
natural gas, 140 million gallons of biodiesel and 87 million gallons of
ethanol each year.
Verbio said the Nevada
plant offers "excellent infrastructure" to build its first renewable natural
gas facility outside Germany.
"We can use part of the
installed equipment for our production and there is a solid base of local
farmers from whom to procure the raw materials," said Claus Sauter, CEO of
Verbio, in a statement.
"Once the plant is in
operation, it offers the Nevada ... community new agricultural revenue
streams, new employment opportunities and new sources of tax revenues,”
Sauter said.
Northrup said the company
expects to re-establish relationships with area farmers interested in
providing stover.
Nevada officials have
expressed hope a new buyer would purchase hundreds of thousands of corn
stover bales stored at 23 locations around Story and neighboring counties.
The corn cobs, husks and
stalks create a huge fire liability for the city and county.
Northrup said all stover stockpiles
"will continue to be monitored and managed to minimize risk."
Even though DuPont closed the plant,
Monte Shaw, executive director of the Iowa Renewable Fuels Association, said
interest remains strong for renewable fuels.
"Oil prices are headed back up and more
states are enacting low-carbon policies, so I think there is a future for
low-carbon transportation fuels — everything from corn ethanol to biodiesel
to cellulosic ethanol," Shaw said.
"I’m
excited that they found a buyer for the facility and that it’s still going
to be in the renewable transportation fuels sector," he said.
December 11,
2019
DuPont to
Acquire Desalitech
DuPont today
announced it has signed an agreement to acquire
Desalitech Ltd., a closed circuit reverse osmosis (CCRO)
company. The transaction is expected to close in
January 2020, subject to customary closing
conditions and regulatory approvals. Financial
terms of the agreement were not disclosed.
“This acquisition in the high-growth
water
purification space reinforces
our strategic intent to provide a
robust portfolio of technologies to
meet our customers’ current and
future challenges while advancing
our corporate commitment to
sustainability.” Rose Lee,
President, DuPont Safety &
Construction
Desalitech’s Closed Circuit
Reverse Osmosis Systems are
rapidly replacing traditional
water purification methods. We
believe it shouldn’t be a
headache to treat your water,
and it shouldn’t be wasteful.
Our ReFlex systems feature
Desalitech’s patented Closed
Circuit Reverse Osmosis (CCRO™)
process that can recover up to
98 percent of the water treated.
This minimizes water waste and
provides our clients with a
rapid return on investment.
Desalitech offers ReFlex models
in standard industrial sizes
from 50 to 900 gallons per
minute (10 – 200 m3/h).
“As a global leader
in innovative water solutions, we are committed to
delivering ways to solve water challenges around the
world,” said Rose Lee, President, DuPont Safety &
Construction. “This acquisition in the high-growth
water purification space reinforces our strategic
intent to provide a robust portfolio of technologies
to meet our customers’ current and future challenges
while advancing our corporate commitment to
sustainability.”
DuPont is a leader in
water purification and separation technology
including ultrafiltration, reverse osmosis and ion
exchange resins. The FilmTec™ brand is recognized
globally and known for consistent and reliable
performance. Each of the acquisitions announced this
year, including Desalitech, supports our strategy to
drive growth and innovation through access to new
manufacturing capabilities, geographies and
technologies.
Desalitech’s
globally patented and unique process technology,
using standardized design and operated using
proprietary software, enhances DuPont’s portfolio
with a compelling offering to further reduce the
lifecycle cost of water purification and reuse.
Desalitech has proven the value of these systems to
deliver up to 90-98 percent water recovery at more
than 200 blue chip customers over the past seven
years.
“Water scarcity
is a global challenge that all stakeholders need to
solve with a sense of urgency to purify, conserve
and reuse this precious resource,” said HP Nanda,
Global Vice President & General Manager, DuPont
Water Solutions. “We look forward to working with
OEMs, end users and value chain partners around the
world, using business models such as technology
licensing, system sales and fabrication partnerships
to increase access to this technology.”
“As a leader in
reverse osmosis, with a large, global installed base
and deep knowledge across many industrial and
municipal applications, DuPont is the perfect home
for Desalitech and its disruptive CCRO technology,”
said Nadav Efraty, CEO and Chairman, Desalitech. “As
part of DuPont, we will have an exponentially
greater impact on global water scarcity with many
more partners and users able to access this
efficient, resilient and flexible water purification
and reuse technology.”
About Desalitech
Desalitech is
helping leading industrial and municipal water users
boost their financial, environmental and operational
performance and competitiveness. With our partners
and customers, we are creating a paradigm shift in
Reverse Osmosis water efficiency and reliability,
saving the world from water scarcity and making
water purification, reuse and desalination
affordable and sustainable. More information can be
found at
www.desalitech.com.
Our Closed Circuit
Reverse Osmosis (CCRO™) systems are rapidly
replacing traditional water purification
methods, including reverse osmosis — the
decades-old standard solution for industrial
water purification, reuse and
desalination. Reverse Osmosis is a mature
technology that is sensitive, limited in its
efficiency and has reached its limits.
Now, Fortune 500
companies around the globe are relying on our
robust and adaptive systems to streamline their
operations while saving significant costs
through maximum water recovery rates, lower
energy consumption and lower maintenance
requirements.
Desalitech’s
technology was introduced to the desalination
market in 2009 as an energy-saving breakthrough
for making drinking water from seawater.
With the increased
use of reverse osmosis for industrial, brackish
and wastewater treatment, Desalitech
optimized and simplified the technology to
achieve an even greater breakthrough for
reliable, high-recovery purification of a broad
range of water sources.
In 2013, Desalitech
established its headquarters and manufacturing
operations in the USA.
Since then, the
company has more than doubled its sales each
year and has become the trusted solution
provider and partner of many industry leaders.
Desalitech has earned numerous global awards for
innovation and business success, including the
2016 Breakthrough Water Technology Company of
the Year.
IFFand DuPont
today announced that they have entered into a definitive
agreement for the merger of IFF and
DuPont’s Nutrition & Biosciences
(N&B) business in a Reverse Morris Trust
transaction.
The deal values the
combined company at $45.4 billion on an enterprise value
basis, reflecting a value of $26.2 billion for the N&B
business based on IFF’s share price as of December 13,
2019. Under the terms of the agreement, which has been
unanimously approved by both Boards of Directors, DuPont
shareholders will own 55.4% of the shares of the new
company and existing IFF shareholders will own 44.6%.
Upon completion of the transaction, DuPont will receive
a one-time $7.3 billion special cash payment, subject to
certain adjustments.
“The combination of IFF and N&B is a
pivotal moment in our journey to lead
our industry as an invaluable innovation
and creative partner for our customers.
Together, we will create a leading
ingredients and solutions provider with
a broader set of capabilities to meet
our customers’ evolving needs.” Andreas
Fibig, IFF Chairman and CEO
The combination of IFF
and N&B creates a global leader in high-value
ingredients and solutions for global Food & Beverage,
Home & Personal Care and Health & Wellness markets, with
estimated 2019 pro forma revenue of more than $11
billion and EBITDA of $2.6 billion, excluding synergies.
The complementary portfolios will give the company
leadership positions across key
Taste, Texture, Scent,
Nutrition, Enzymes, Cultures, Soy Proteins and
Probiotics categories. The combined company’s global
reach and enhanced set of capabilities will enable the
creation of innovative solutions to respond to customer
demands and increasing consumer preferences for natural,
healthier, and “better for you” products.
“The combination of IFF
and N&B is a pivotal moment in our journey to lead our
industry as an invaluable innovation and creative
partner for our customers. Together, we will create a
leading ingredients and solutions provider with a
broader set of capabilities to meet our customers’
evolving needs,” said IFF Chairman and CEO, Andreas
Fibig. “With highly complementary portfolios, we will
have global scale and leading positions in key growth
categories to capitalize on positive market trends,
drive strong profitable growth for our shareholders and
create opportunities for our employees. I have been
impressed by N&B’s management team, which shares our
culture and values, and we look forward to welcoming
them to the IFF family.”
“DuPont and IFF share
long and successful histories of customer-driven
innovation and cultures of excellence, which is why I am
confident that N&B will be well-positioned for its next
phase of growth. I am pleased to join the Board of the
combined organization and remain involved in unlocking
the potential of this new company,” said Ed Breen,
Executive Chairman of DuPont. “We conducted a very
thorough process leading us to the selection of IFF as
the preferred strategic partner for N&B. I am excited
about the future of the new company and all the
opportunities it has for long-term value creation.”
Strategic
Rationale
The new company will
be ideally equipped to deliver in-demand differentiated
solutions for more natural, healthy products to an
expanded customer base spanning both large
multinationals and fast-growing small and medium-sized
customers.
Best-in-Class
Innovation Portfolio Creates Differentiated Offering
and Compelling Value Proposition – The company
will be an immediate leader in the rapid
consumer-driven industry evolution toward healthier,
“better for you” products. With leading R&D and
applications development capabilities and an
expanded customer base, the combined company is
expected to significantly increase customer speed to
market, create new efficiencies in product
development and provide critical consumer insights
for next-generation products.
Leading
Positions Across High-Value Added Ingredient
Categories – The company will have #1 or #2
positions across attractive Taste, Texture, Scent,
Nutrition, Cultures, Enzymes, Soy Proteins and
Probiotics categories.
Highly
Attractive Financial Profile – Shareholders will
benefit from a highly profitable business with
strong cash generation. The company expects to
generate attractive top-line growth and enhanced
margins with further benefit from cost synergies and
revenue growth opportunities. The combined company
will maintain IFF’s current dividend policy.
Shared
Culture and Vision, a Strategic Asset to Execution
– IFF and N&B are customer-focused organizations
with cultures that emphasize science and creativity.
The combined company will benefit from the best of
both organizations’ experienced leaders and talented
teams. Our shared commitment to sustainability,
along with the combination of our complementary
capabilities, will allow us to positively shape the
evolution of the industry.
“My team and I are
excited about the opportunity to build the new company
and create a new world-class leader. Our expertise
together with IFF will best position us to address
customer needs and ultimately redefine our industry,”
said N&B President, Matthias Heinzel. “IFF’s innovation
and customer-centric culture is remarkably similar to
ours and we look forward to working with them for a
smooth integration of our two organizations.”
Governance and
Management
Upon closing, the new
company’s Board of Directors will consist of 13
directors: 7 current IFF directors and 6 DuPont director
appointees until the Annual Meeting in 2022, when there
will be 6 directors from each company. Andreas Fibig
will continue to be the Chairman of the Board and an IFF
appointee, he will also continue as Chief Executive
Officer. The company will be headquartered in New York.
DuPont Executive Chairman, Ed Breen, will join the board
of the combined company as a DuPont appointee and will
serve as Lead Independent Director starting June 1,
2021.
The new company will
draw upon the best talent from both organizations. IFF
and N&B will form an Integration Office composed of
leaders from both companies.
Financial Benefits
The combined company
will have a strong financial profile, including:
Pro forma
revenues of more than $11 billion based on fiscal
year 2019 estimated results
Adjusted EBITDA
margin of ~23% pre-synergies and ~26% with run-rate
cost synergies based on fiscal 2019 pro forma
estimated results
Expected revenue
growth rate in the mid-single digits over the
long-term
Strong cash flow
generation supporting an investment grade credit
profile
Commitment to
the continuation of IFF’s historical dividend policy
IFF expects to
realize cost synergies of approximately $300 million on
a run-rate basis by the end of the third year
post-closing. These cost synergies will be driven by
procurement excellence, streamlining overhead and
manufacturing efficiencies. In addition, the combined
company’s target is to deliver more than $400 million in
run-rate revenue synergies, which would result in more
than $175 million of EBITDA, driven by cross-selling
opportunities and leveraging the expanded capabilities
across a broader customer base.
IFF is committed to
maintaining an investment grade rating and plans to
delever from approximately 4.0x at transaction close to
below 3.0x by year two following closing. Following the
close of the transaction, IFF expects that substantially
all of the debt of the combined company will be pari
passu.
Guidance
IFF is affirming its
existing 2019 full-year guidance. The company reconfirms
its full-year projections for sales to be between $5.15
billion and $5.25 billion with adjusted EPS to be
between $4.85 and $5.05 and adjusted EPS excluding
amortization to be between $6.15 and $6.35.
DuPont reconfirms its
expectations for total annual revenue of approximately
$21.5 billion and an adjusted EPS[1] range of $3.77 to
$3.82. DuPont expects operating EBITDA to be at the low
end of the previously provided range, primarily driven
by temporary supply chain disruptions in Safety &
Construction (S&C) and Electronics & Imaging (E&I).
Transaction
Details
The combination will
be executed through a Reverse Morris Trust transaction.
Upon completion, DuPont shareholders will own 55.4% of
the combined company and IFF’s shareholders will own
44.6%. In addition, at the time of completion, DuPont
will receive a one-time $7.3 billion cash payment,
subject to adjustment. The transaction is expected to be
tax-free to DuPont and its shareholders for U.S. federal
income tax purposes.
Financing and Approvals
The transaction is
subject to approval by IFF shareholders and other
customary closing conditions, including regulatory
approvals. As part of the transaction, IFF’s largest
shareholder, Winder Investments, has agreed to vote in
favor of the transaction. The parties target closing the
deal by the end of the first quarter of 2021. IFF and
N&B have obtained fully-committed debt financing from
Morgan Stanley and Credit Suisse. The combined company
is committed to maintaining an investment grade rating.
January 9, 2020
DuPont Closes Four
Clean Water Technology Acquisitions
DuPont today announced
it has completed the 2019 acquisitions of
Desalitech,
inge GmbH,
Memcor®, and OxyMem Limited;
adding to its leading portfolio of
water purification and separation technologies,
including ultrafiltration, reverse osmosis and ion
exchange resins.
These four recent
acquisitions support DuPont’s goal to increase access to
the products and technologies needed to meet global
customers’ current and future challenges, including the
increased need to recycle water while reducing the
energy requirements to generate clean water.
“We look
forward to working with equipment
manufacturers, end users and other value
chain partners in a variety of business
models, solving their water challenges
and delivering superior value.”
HP
Nanda, Global Vice President & General
Manager, DuPont Water Solutions
“Water scarcity is a
global challenge that needs to be solved with a sense of
urgency. As a global leader in innovative water
technologies, we are continually expanding our
technology portfolio of high-quality solutions to help
our customers purify, conserve and reuse this precious
resource,” said HP Nanda, Global Vice President &
General Manager, DuPont Water Solutions. “We look
forward to working with equipment manufacturers, end
users and other value chain partners in a variety of
business models, solving their water challenges and
delivering superior value.”
The recent acquisitions
further broaden DuPont’s portfolio and enhance the
company’s ability to accelerate innovation and offer
customers better levels of service, while reducing the
life cycle costs of clean water. The four companies
being added to the DuPont Water Solutions portfolio
include:
inge GmbH, an
ultrafiltration membrane
限外濾過膜
business acquired from BASF.
The
industry-leading, multi-bore PED ultrafiltration
technology complements DuPont’s high-flow PVDF
membrane technology. The transaction included the
business’ international workforce of about 150
employees, its headquarters and production site in
Greifenberg, Germany, and associated intellectual
property owned by BASF SE.
Memcor®, the
ultrafiltration and membrane bioreactor (MBR)
technologies division from
Evoqua Water Technologies Corp.
The addition of the
ultrafiltration portfolio broadens DuPont’s
solutions membrane bioreactors, submerged and
pressurized ultrafiltration systems, and other new
applications. The transaction included a
manufacturing facility in Australia and about 200
employees
Desalitech Ltd,
closed-circuit reverse osmosis (CCRO)
company. Desalitech’s CCRO technology addresses increasing
needs for high water recovery in core market
segments such as food and beverage, municipal,
microelectronics, power and others. The technology
adds to the DuPont portfolio to help further reduce
the life cycle cost of water, deliveringmore
than 95 percent recovery and making it easy for end
users to operate in small- to medium-sized systems
in industrial and decentralized settings. The
transaction included the company (brands and product
portfolio), intellectual property, and a 40-person
workforce.
OxyMem Limited,
a company that develops and produces
Membrane
Aerated Biofilm Reactor (MABR) technology for the
treatment and purification of municipal and
industrial wastewater. The transaction included all
intellectual property, more than 60 employees and
one production site located in Athlone, Ireland.
With the addition of
the inge and Memcorportfolios, DuPont becomes
the leading UF supplier across multiple market segments
such as residential, industrial, utility, wastewater and
other specialty solutions. With the addition of CCRO
from Desalitech, DuPont can provide customers with more
options and flexibility to solve water scarcity and
purification challenges. With the emerging technologies
from OxyMem, the company can better support customers
looking to reduce footprint and energy requirements for
secondary wastewater treatment.
“These four
acquisitions are absolutely aligned to our strategy to
be the leading supplier of water technologies to better
serve evolving needs of our global customers,” said
Nicole Richards, Director of Growth and Strategy, DuPont
Water Solutions. “We look forward to working with our
customers and partners to increase access to the best
new separation and purification technologies to solve
the global water crisis together.”
March 8, 2021
DuPont to Acquire
Laird Performance Materials from Advent International
Strengthens
DuPont’s leadership position in advanced electronic
materials for key markets including smart/autonomous
vehicles, 5G telecommunications, artificial
intelligence, internet of things,
and high-performance computing
Adds critical
capabilities and market leading offerings in thermal
management and electromagnetic shielding essential
to emerging electronic applications
Significantly
accelerates the transformation of E&I’s Interconnect
Solutions business into a total solutions provider
Purchase
price of $2.3 billion and forecasted cost synergies
of $60 million yield transaction multiple of ~15x
excluding synergies and ~11x including synergies
DuPont today
announced that it has entered into a definitive
agreement with Advent
International, one of the world’s largest private
equity firms, to acquire Laird
Performance Materials for
$2.3 billion which will be paid from existing
cash balances. The transaction is expected to close in
the third quarter of 2021, subject to regulatory
approvals and other customary closing conditions.
Laird Performance
Materials is a world leader in
high-performance electromagnetic shielding and thermal
management with a comprehensive offering of
performance components and solutions that manage heat
and protect devices from electromagnetic interference.
Laird Performance Materials has a workforce of over
4,300 employees with a global network of 11
manufacturing sites in North America, Europe, and Asia
and 2020 revenues of $465 million. Laird Performance
Materials has consistently delivered high single-digit
growth rates and highly attractive gross and adjusted
EBITDA margins (~50% and ~30%, respectively). With
strong growth and a best-in-class financial profile,
Laird Performance Materials is aligned with DuPont’s
strategic objective of shifting its portfolio
increasingly towards differentiated products in
attractive markets with long-term secular growth
trends.
Ed Breen, Executive
Chairman and Chief Executive Officer of DuPont, stated,
“The acquisition of Laird Performance Materials is a
significant step in advancing DuPont’s strategy to grow
as a global innovation leader and
premier multi-industrial company. Laird Performance
Materials is a strategic and complementary addition to
the Electronics & Industrial (E&I) business, and our
applied material science expertise together with Laird
Performance Materials’ industry-leading application
engineering capabilities further strengthens DuPont as
an essential partner for major electronics OEMs and
manufacturers. We look forward to welcoming Laird
Performance Materials’ highly talented teams. With an
expanded global reach and proven operational and
technical capabilities, I’m confident the combined E&I
team will deliver compelling revenue synergies and
further accelerate our journey towards becoming a
faster-growing and more profitable company.”
The transaction
brings together DuPont’s technology portfolio in films,
laminates, and plating chemistry with Laird Performance
Materials’ electromagnetic shielding and thermal
management solutions. With a best-in-class innovation
and product portfolio, the combined organization will be
a leader in rapidly growing advanced electronics
applications supporting smart/autonomous vehicles, 5G
telecommunications, artificial intelligence, internet of
things, and high-performance computing. Strong
capabilities in material science and application
engineering along with an expanded customer base are
expected to significantly increase customer speed to
market, create new efficiencies in development of
multi-functional solutions, and provide high value
next-generation products that will deliver incremental
revenue synergies over the next several years. DuPont
will be uniquely positioned to engage across value
chains to address the increasingly complex challenges
leading OEMs face in thermal management, signal
integrity, miniaturization, power management, and
reliability.
Shonnel Malani, a
Managing Director at Advent International, stated,
“Laird Performance Materials is an outstanding business.
Following a strategic refocus and investment in the
company’s product offerings and talent, the business has
achieved strong growth. We believe that DuPont will be
an excellent partner for Laird Performance Materials.
The combined organization will be ideally placed to
provide customers with a unique and broad range of
comprehensive and innovative solutions.”
DuPont expects to
realize approximately $60 million in pre-tax run-rate
cost synergies by the end of 2024 with the majority
realized in the first 18 months post-closing. The
estimated one-time cost to achieve these synergies is
approximately $40 million. After adjusting for one-time
costs and deal-related amortization, DuPont expects the
deal to be accretive to its operating EBITDA margins,
free cash flow, and adjusted EPS within the first 12
months and to achieve high single-digit ROIC by year
five. The enterprise value multiple of the transaction
is approximately 15x estimated 2021 EBITDA on a
stand-alone basis and approximately 11x including cost
synergies.
“This transaction
represents another strategic step forward in sharpening
our focus and directing our investments towards
high-value, high-growth opportunities. We remain
committed to a balanced capital allocation policy that
delivers strong returns to shareholders and includes
organic growth, targeted M&A, and shareholder
remuneration,” said Breen.
----------------------------------
March 1, 2018
Laird
agrees to £1 bln takeover by Advent
Laird PLC
said Thursday that it has agreed to a
1 billion-pound ($1.38
billion) takeover offer from Advent
International Corp. The British electronics
company also returned to profit in 2017.
Laird
said the cash offer from the U.S.
private-equity firm is valued at 200 pence a
share, a 73% premium to its closing price on
Wednesday.
Laird
said its directors plan to recommend the
deal to shareholders. Advent
International said it has already locked
in support for the takeover from
shareholders representing 27% of Laird's
shares. The deal requires approval by
holders of at least 75% of Laird's
shares.
As a
leading global private-equity firm,
Advent provides stability for Laird's
customers and other stakeholders," Laird
Chairman Martin Read said. "It has also
stated its intentions to support Laird's
employees and invest in the business as
it moves to the next stage of its
development."
Laird
said pretax profit in 2017 was GBP57
million compared with a GBP122.3 million
loss in 2016. The company said it has
made "significant progress" in
restructuring and implementing cost
savings.
Revenue rose 17% to GBP936.6 million,
which Laird said included growth across
all three of its operating
divisions--performance materials,
connected vehicle solutions and
wireless-and-thermal systems. On an
organic constant-currency basis, revenue
rose 10%.
Laird
said it started 2018 with good momentum,
and growth across a number of its
markets is expected to more than offset
possible challenges in the premium
smartphone market. However, volatility
in exchange rates presents a
"significant headwind" for 2018, it
said.
Due
to the takeover offer, Laird said it
won't propose a final dividend following
its interim dividend per share of 1.13
pence.
July 1, 2021
DuPont Completes
Acquisition of Laird Performance Materials
Laird
Performance Materials becomes part of
Electronics & Industrial's Interconnect
Solutions business
Combination strengthens leadership position in
rapidly growing advanced electronics
applications supporting key industry megatrends
such as high-performance computing, artificial
intelligence, 5G telecommunications,
smart/autonomous vehicles, and the internet of
things
DuPont today
announced that it has successfully completed the
acquisition of
Laird Performance Materials, a world
leader in high-performance
electromagnetic shielding and thermal management
solutions.
“I’m pleased to welcome
our very talented Laird Performance Materials
colleagues to DuPont,” said Ed Breen, Executive
Chairman and Chief Executive Officer of DuPont. “The
addition of Laird Performance Materials
significantly strengthens the DuPont Electronics &
Industrial (E&I) segment and is another meaningful
step in advancing our strategy to grow as a global
innovation leader and premier multi-industrial
company. I’m excited about the next chapter as we
continue to drive growth in high margin markets to
create long-term value for shareholders."
As previously
announced, with 2020 revenues of $465 million and a
global workforce of approximately 4,300 employees,
Laird Performance Materials will be integrated into
DuPont Electronics & Industrial’s Interconnect
Solutions (ICS) business. Laird Performance
Materials’ electromagnetic shielding and thermal
management offerings complement ICS’ portfolio in
flexible laminates, dry film photoresist, specialty
films, and plating chemistries.
“This acquisition
positions DuPont as an essential partner for major
electronics OEMs by combining applied materials
science expertise together with application
engineering capabilities,” said Jon Kemp, President,
DuPont E&I. “Together, the combined organization
will advance our leadership in accelerating the
adoption of high-performance computing, artificial
intelligence, 5G telecommunications,
smart/autonomous vehicles, and the internet of
things. It also expands our product and solution
portfolio across the electronics value chain and
builds our expertise in key technologies critical to
enabling the next generation of electronic devices
and infrastructure.”
With the addition
of Laird Performance Materials, DuPont is well
positioned to leverage its expanded customer base
and global scale to increase speed to market, create
new efficiencies in the development of integrated
and multi-functional solutions, and provide high
value next-generation products that will deliver
additional growth over the next several years. We
believe customers will see immediate benefits as the
combined E&I organization engages across value
chains to address the increasingly complex
challenges leading OEMs face in thermal management,
signal integrity, miniaturization, power management,
and reliability.
DuPont will
further discuss this transaction during its upcoming
second quarter earnings call.
Reuters
DuPont seeks US Supreme Court review after $40 million PFAS cancer verdict
DuPont de Nemours Inc. on Friday asked the U.S.
Supreme Court to review whether a lower court inappropriately hamstrung its
defense during trial over claims that its chemicals caused cancer.
DuPont told the justices that it was improperly
barred from disputing “key elements of liability” at the trial, which led to a
$40 million verdict, on the grounds that three similar cases had already
determined the company negligently exposed people to per- and polyfluoroalkyl
substances, or PFAS.
The issues were barred under a version of a
legal doctrine called collateral estoppel 2次的禁反言 that is
intended to stop the same set of facts from being litigated repeatedly.
The case involves an Ohio man, Travis Abbott,
who claimed exposure to PFAS in his water caused him to get testicular cancer
twice. DuPont said the results in the three previous trials were never intended
to be representative of his case or thousands of other personal injury PFAS
lawsuits filed against the company.
The decision was "profoundly wrong," DuPont
said.
A lawyer for Abbott did not immediately respond
to a request for comment.
Dubbed "forever chemicals" because they do not
easily break down in the human body or environment, PFAS have been used in a
wide range of products including Teflon.
The Abbott case is among thousands of cases that
were consolidated in an Ohio federal court stemming from PFAS discharges from
DuPont's plant in Parkersburg, West Virginia. Three of those cases - including
two so-called bellwether cases - were initially tried and led to verdicts
totaling nearly $9 million against DuPont. The company then settled roughly
3,550 of the remaining lawsuits for $671 million in 2017, though not Abbott's.
A jury awarded Abbott $40 million after a 2020
trial in Ohio federal court, finding PFAS likely caused his cancers.
DuPont appealed to the 6th U.S. Circuit Court of
Appeals in 2021, claiming the lower court had inappropriately applied findings
from the earlier trials despite obvious differences between the cases, which
involved different exposure levels.
The 6th Circuit
said DuPont’s actions were similar enough in the various cases to justify
applying those earlier findings in Abbott's trial.
The case is E.I. du Pont de Nemours & Co. V.
Travis Abbott, U.S. Supreme Court, case No. 21-3418.
August 21, 2023
DuPont Announces Agreement to Divest ~80% Ownership in Delrin® Business to TJC
DuPont today announced a definitive agreement to sell an 80.1% ownership interest in the Delrin® acetal homopolymer (H-POM) business to TJC LP (TJC) in a transaction valuing the business at $1.8 billion.
TJC has received fully committed financing in connection with the transaction, which is expected to close around year-end 2023, subject to customary closing conditions and regulatory approval.
At close, DuPont will receive pre-tax cash proceeds of approximately $1.25 billion, subject to customary transaction adjustments, a note receivable of $350 million, and will own a 19.9% non-controlling common equity interest in the Delrin business.
“Today’s announcement largely completes our planned exit of the former M&M segment, advancing our position as a premier multi-industrial company,” said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. “This transaction is structured to maximize value for our shareholders, providing significant cash proceeds at close to be deployed in line with our strategic priorities while providing an opportunity for DuPont to participate in future upside potential upon exit of our retained equity interest in the Delrinbusiness.”
“We are excited to partner with TJC given their successful track record of creating value through an operations-focused approach and are confident in their ability to drive growth and opportunity for employees and customers of the Delrinbusiness,” Breen continued.
"Delrin is widely recognized as the material of choice for safety critical and high cost-of-failure applications across diverse end markets,” said Ian Arons, TJC Partner. “For over 60 years the Delrin business has leveraged its differentiated technologies and global manufacturing presence to provide its customers high quality, innovative solutions. We are thrilled to have DuPont as a partner, and we look forward to working closely with the entire Delrin team to drive future growth in the business."
The results of operations of the Delrin business will continue to be presented as discontinued operations in DuPont’s consolidated financial statements through transaction closing.
Goldman Sachs & Co. LLC is serving as DuPont’s financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel. Citi is acting as financial advisor and Kirkland & Ellis LLP are serving as legal counsel to TJC.
今回の発表にはないが、DuPont Teijin Films JV も売却対象に挙がっている。(後記)
1 Appropriate works council information and consultation processes are underway in connection with the transaction. As is customary in connection with certain works council requirements in the Netherlands, TJC has agreed to buy the Delrin® business in the Netherlands if DuPont exercises a put option under the definitive agreements after completing the required works council consultation process.
About TJC
TJC (formerly known as The Jordan Company), founded in 1982, is a middle-market private equity firm that has raised funds with original capital commitments in excess of $22 billion and a 41-year track record of investing in and contributing to the growth of many businesses across a wide range of industries including Diversified Industrials; Technology, Telecom & Power; Logistics & Supply Chain and Consumer & Healthcare. The senior investment team has been investing together for over 20 years and is supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. TJC has offices in New York, Miami, Chicago and Stamford. For more information, visit www.tjclp.com.