Camden, SC, Jan. 14--The process of selling Invista, formerly DuPont Textiles & Interiors, to Wichita, KS based Koch Industries is progressing smoothly, Invista and Koch officials said this week, according to the Camden Chronicle Independent.
Invista will become part of KoSa, a subsidiary of Koch which is a global producer of commodity and specialty polyester fibers, polymers, and intermediates. In addition to Invista`s May Plant, the $4.4 billion deal includes the sale of eight other U.S. plants, 16 international plants and 13 joint ventures.
Barring any unforeseen complications, the sale is projected to be final by the end of the first quarter, or March 2004, Invista`s May Plant Site Services Manager Cedric Waddell said last week.
"We are now working in earnest, subject to applicable laws, with Invista and KoSa leadership to answer important questions about the future operations of the business," Mary Beth Jarvis, communications director for Koch Industries, said. "There is regulatory approval that must be secured."
No firm date has been set for the final closing of the deal, she said. However, approval by bodies such as the U.S. Federal Trade Commission, the European Union and other worldwide agencies and entities must be secured, which could take some time, she said.
