Cleaning & Restoration Breaking News

DuPont in Negotiations on Possible Sale of DuPont Textiles & Interiors

April 14, 2003
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WILMINGTON, Del., April 14 /PRNewswire-FirstCall/ -- DuPont today announced that it is in negotiations with a third party regarding the possible sale of DuPont Textiles & Interiors (DTI). This disclosure is required to be included in the offering circular for DuPont's tender offer for the 24 percent of DuPont Canada stock that it does not already own. The offering circular will be issued April 17.

Since the negotiations are in their preliminary stages, DuPont did not disclose the name of the third party and will not provide any other information at this time. There can be no assurance that any such sale efforts will be successful or, if successful, of the terms, conditions and timing of any potential transaction.

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. All activities required to execute such a transaction remain on their scheduled timeline.

On Feb. 1, 2003, DTI became a wholly owned subsidiary of DuPont. On March 19, 2003, DuPont announced its intent to make a tender offer for the 24 percent of the shares of DuPont Canada that it does not already own. DTI comprises a substantial portion of DuPont Canada's business and operations.

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