USA: DuPont Reveals Textile Unit Sale Talks
Science and chemical giant DuPont on Monday revealed it is talks over the possible sale of DuPont Textiles & Interiors (DTI).
The Delaware-based company said in a short news release it is in negotiations with an unidentified third party over the sale of its fibres unit.
It said the disclosure is required to be included in the offering circular for DuPont's tender offer of C$1.4 billion for the 24 per cent of DuPont Canada stock that it does not already own.
It added: "DuPont continues to consider all options to separate DTI, including an Initial Public Offering (IPO). In February 2002 DuPont announced its intent to separate DTI by the end of 2003, market conditions permitting.
"On February 1, 2003, DTI became a wholly owned subsidiary of DuPont. DTI comprises a substantial portion of DuPont Canada's business and operations."
A year ago this month, DTI announced plans to axe more than 2,000 jobs, or 10 per cent of its global workforce, as part of a restructuring exercise with its US operations bearing the brunt of the cuts.
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