Subsidiaries of Koch Industries Inc. have agreed to buy DuPonts Textiles & Interiors subsidiary for $4.4 billion, the companies announced Monday. The business, which has been renamed Invista, sells corrosion inhibitors for the lubricants industry, among a wide variety of products.
The announcement came as little surprise, since DuPont had announced earlier this year that it was trying to sell the subsidiary, and later that it was in exclusive negotiations with Koch subsidiaries. Koch said it will integrate the purchasing subsidiaries, KED Fiber Ltd. and KED Fiber LLC, with its KoSa polyesters business under the Invista name. Invista will operate as an independent subsidiary with its own board of directors.
Even before being purchased, Invista was the largest integrated fiber and intermediates business in the world, with annual revenues of $6.3 billion. Its industrial segment markets the C12 family of chemical intermediates, including corrosion inhibitors sold under the Corfree brand.
DuPont, which is based in Wilmington, Del., retains its Krytox business, which covers most of its lubricant products, as well as its Teflon branded PTFE operation. Koch is based in Wichita, Kan.