Koch Says It’s Not Buying DuPont Textiles & Interi
Wichita, KS, Feb. 25--Koch Industries has denied a report that it’s buying DuPont Textile & Interiors.
"That report is inaccurate," said company spokesman Mary Beth Jarvis.
A story originated by The Deal.com said that Koch had signed a letter of intent, and placed its value at $5 billion.
According to Jarvis, The Deal.com contacted Koch, which said it does not speculate on deals. A Wichita TV station also broadcast the story.
DuPont Textiles & Interiors generates about 55% of its sales from nylon, which DuPont invented in the 1930s. Spandex accounts for 25% of sales, and the rest is polyester. In 2001 it had sales of $6.5 billion.
DuPont has said it wants to sell or spin off the business, whose brands include Lycra and Stainmaster. On February 1, DuPont made Textiles & Interiors into a subsidiary business unit and hired Morgan Stanley and Goldman, Sachs & Co. to study strategic options for the business. DuPont said it hoped to complete an exit by the end of this year, market conditions permitting.
