Brussels, Belgium, Jan. 21--European Union competition authorities approved DuPont's sale of its Invista clothing and carpet fiber business to polyester maker Koch Industries on Wednesday.
The transaction does not raise any competition concerns even in the market for man-made fibers for industrial applications where Invista and Koch are both active," the Commission said in a statement.
The Commission noted that privately held Koch is active around the world in refined petroleum products, chemcials, gas liquids and chemical technology.
The sale is part of DuPont's plan to focus on higher-growth business like food additives and chemicals for the electronics industry.
DuPont called November's $4.4 billion cash transaction a "bittersweet milestone," since it ended the company's ownership of products like Lycra and nylon, the groundbreaking synthetic fiber which DuPont scientists invented in the 1930s.
"The fibers businesses have been an important part of DuPont for many decades. However, marketplace realities dictate they can best realize their potential as part of a company like Koch," Charles Holliday Jr., DuPont's chief executive, said at the time of the deal.
Koch is the second-largest private company in the U.S. after Cargill Inc. Regulators at the European Commission can block or demand modifications of mergers and joint ventures it believes would lead to firms dominating an EU market.
