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DUPONT TO ACQUIRE ICI'S WORLDWIDE NYLON BUSINESS

 WILMINGTON, Del., July 1 /PRNewswire/ -- DuPont (NYSE: DD) announced today that it has reached final agreements with ICI to acquire that company's worldwide nylon business and to sell to ICI its worldwide acrylics business.
 Final agreements between the two companies had been delayed for several months pending review by the U.S. Federal Trade Commission (FTC). The FTC's statutory notice period expired June 29, clearing the way for both companies to finalize their agreements. The European Commission approved the transactions last September. The agreements became effective at 12 a.m. EDT today.
 Although the transactions are now complete, ICI must adhere to an FTC consent order requiring it to divest to a third party a portion of its downstream acrylics polymer production in the United States. The agreed upon consent order is subject to final approval by the FTC following a 60-day comment period.
 "Completion of these transactions now makes DuPont the global leader in nylon," said DuPont Chairman and CEO Edgar S. Woolard Jr. "This acquisition greatly complements our already strong U.S. position and our $1 billion investment in Asia Pacific, establishing DuPont as the premier supplier to nylon customers worldwide," he said.
 Under terms of the original agreements negotiated last year, DuPont was to have made a cash payment to ICI of $430 million. This amount represented the value difference between DuPont's acrylics business and ICI's nylon operations. As a result of the "due diligence" process, coupled with changes requested by the European Commission and FTC, a deterioration of business conditions in Europe, and some modifications of the agreements, the cash payment has now been adjusted.
 DuPont will make an immediate payment to ICI of $150 million (100 million pounds sterling) and an additional $165 million (110 million pounds sterling) in deferred payments between 1994 and 2002. A final "performance premium" of up to $37.5 million (25 million pounds sterling) could be paid by DuPont if the acquired nylon textile filament business in Europe meets mutually established revenue guidelines from 1994 through 2000.
 The agreements also transfer various manufacturing facilities between the two companies. Transferring to DuPont will be about 5,200 ICI employees and eight nylon intermediates, fibers and engineering polymer sites, including Wilton, Billingham, Gloucester, Pontypool, Doncaster and Workington in the United Kingdom, Oestringen in Germany and Rozenburg in The Netherlands. Moving to ICI will be about 350 DuPont employees and acrylics manufacturing operations at Beaumont, Texas; Memphis, Tenn.; and Newport (Willow Bank), Del. Acrylics equipment at Belle and Parkersburg, W.Va., will transfer to ICI and be operated by DuPont under long-term contractual agreements.
 ICI's worldwide nylon operations had 1992 sales of approximately $900 million and are located primarily in Europe. DuPont's worldwide acrylics business had sales last year of about $350 million and is located principally in the United States.
 /delval/
 -0- 7/1/93
 /CONTACT: Lee C. Tashjian Jr. of DuPont, 302-774-3852/
 (DD)


CO: DuPont; ICI ST: Delaware IN: CHM SU: TNM

MP -- PH002 -- 7545 07/01/93 09:02 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
Words:500
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