________________________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 5(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) June 15, 2001 (June 14, 2001)
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-815 51-0014090
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1007 Market Street
Wilmington, Delaware 19898
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 774-1000
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Item 5. Other Events and Regulation FD Disclosure.
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The Registrant files, pursuant to Regulation FD, its news release dated
June 14, 2001, entitled "DuPont to Sell Selected U.S. Polyester Businesses to
Alpek S.A. de C.V.; Sale Includes Manufacturing Assets in North Carolina and
South Carolina," a copy of which is below. This news release is also filed in
connection with Debt and/or Equity Securities that may be offered on a delayed
or continuous basis under Registration Statements on Form S-3 (No. 33-53327, No.
33-61339, No. 33-60069 and No. 333-86363).
Contact: Irv Lipp
302-774-7447
g-irvin.lipp-1@usa.dupont.com
DuPont to Sell Selected U.S. Polyester Businesses to Alpek S.A. de C.V.;
Sale Includes Manufacturing Assets in North Carolina and South Carolina
WILMINGTON, Del., June 14, 2001 - DuPont today announced that it has
reached a definitive agreement to sell certain of its U.S. Polyester Enterprise
businesses and manufacturing assets to Alpek, the petrochemical group of Mexican
industrial conglomerate ALFA S.A. de C.V. (ALFA).
"Today's announcement reflects the next step in our strategy to reshape our
overall investment in polyester to maximize value to our shareholders," said
Gary M. Pfeiffer, DuPont chief financial officer.
DuPont has agreed to sell to Alpek its U.S. terephthalic acid (TPA)
business and its polyethylene terephthalate (PET) container resins business,
along with their associated manufacturing assets at the Cape Fear site in
Wilmington, N.C., and the Cedar Creek site in Fayetteville, N.C. DuPont also
said it has agreed with Alpek to exit the companies' polyester staple fiber
joint venture by mid-year 2002. The venture was formed by the two companies in
1999.
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Alpek will also purchase polyester polymerization facilities at the Cape
Fear site and at the Cooper River site, located in Charleston, S.C. DuPont will
grant licenses to Alpek for manufacturing technology of PET resins and the use
of the Melinar(R) and Laser+(R) brands in the Americas region.
Transfer of ownership is expected to occur in July. Terms and conditions
were not disclosed. The company expects a one-time, non-cash charge of $.15 to
$.17 to earnings in the second quarter to reflect a write-down to fair value of
assets to be sold.
Separately, Alpek and DuPont also announced today that DuPont will increase
its equity position from 40 to 50 percent in their Mexican joint venture
Fielmex, which manufactures and markets Lycra(R) elastane fiber, commensurate
with its 50 percent equity position in a nylon joint venture in Mexico. This
transaction will enhance Fielmex's access to DuPont stretch technologies.
DuPont is a science company, delivering science-based solutions that make a
difference in people's lives in food and nutrition; health care; apparel; home
and construction; electronics; and transportation. Founded in 1802, the company
operates in 70 countries and has 93,000 employees.
Forward-Looking Statements: This news release contains forward-looking
statements based on management's current expectations, estimates and
projections. All statements that address expectations or projections about the
future, including statements about the company's strategy for growth, product
development, market position, expected expenditures and financial results are
forward-looking statements. Some of the forward-looking statements may be
identified by words like "expects," "anticipates," "plans," "intends,"
"projects," "indicates," and similar expressions. These statements are not
guarantees of future performance and involve a number
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of risks, uncertainties and assumptions. Many factors, including those
discussed more fully elsewhere in this release and in documents filed with the
Securities and Exchange Commission by DuPont, particularly its latest annual
report on Form 10-K and quarterly report on Form 10-Q, as well as others, could
cause results to differ materially from those stated. These factors include,
but are not limited to changes in the laws, regulations, policies and economic
conditions, including inflation, interest and foreign currency exchange rates,
of countries in which the company does business; competitive pressures;
successful integration of structural changes, including restructuring plans,
acquisitions, divestitures and alliances; cost of raw materials, research and
development of new products, including regulatory approval and market
acceptance; and seasonality of sales of agricultural products.
# # #
6/14/01
Melinar(R), Laser+(R), and Lycra(R) are registered trademarks of E. I. du Pont
de Nemours and Company.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
E. I. DU PONT DE NEMOURS AND COMPANY
(Registrant)
/s/ D. B. Smith
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D. B. Smith
Assistant Controller
June 15, 2001
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