Koch Accelerates Invista Deal


DuPont announced this month that the target date for completing the sale of its Textiles and Interiors subsidiary, recently renamed Invista,to subsidiaries of Koch Industries has been accelerated to April 30. When the companies announced the deal in November, they projected it would close by June 30.

The DuPont subsidiary is a $6.3 billion fibers and fiber intermediates supplier that markets a wide variety of products, including corrosion inhibitors sold under the Corfree brand.

In its April 8 announcement about moving up the target date for completing the transaction, DuPont stated that Koch will pay $4.2 million, down from the $4.4 million price tag reported in November. DuPont said Kochs subsidiaries – KED Fiber Ltd. and KED Fiber LLC – made the decision to accelerate the closing date, but the companies declined to otherwise explain the adjustments.

Koch also declined to discuss whether the operations it is acquiring, which have been renamed Invista, will be subject to job cuts like those that DuPont announced for its ongoing operations April 12. DuPont intends to eliminate 3,500 jobs, or 6 percent of its workforce, by the end of this year. The company did not disclose the extent to which that plan will affect DuPont Krytox, which manufactures a wide range of synthetic lubricants.

Related Topics

Market Topics