DuPont purchases ICI's TPA and PET business

Dec 31, 1997 01:00 AM

DuPont has announced that it has completed the purchase of ICI's terephthalic acid, or TPA, polyester intermediates and polyethylene terephthalate, or PET, polyester resin businesses worldwide.
With the completed purchase of these two businesses, DuPont gains a TPA facility in Wilton in the United Kingdom, interest in a TPA joint venture in Taiwan, and PET resin facilities in Fayetteville, N.C., and Wilton. About 1,300 ICI employees are transferring to DuPont.
DuPont and ICI signed an agreement on July 13 for DuPont to acquire ICI's white pigment business outside North America, its worldwide polyester films, resins and intermediates businesses and all related technologies. Other parts of the overall transaction are pending. DuPont will pay about $ 3 billion to acquire these businesses and will pay for this acquisition out of cash flow from operations and short-term borrowings. The total transaction is expected to be completed by the end of the first quarter 1998.

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