DuPont Plans To Set up Shop Online
DOVER, Del. (AP) _ The DuPont Co. is entering a joint venture with Internet Capital Group to form a company that will oversee online sales of nylon, paint and other industrial goods to manufacturers.
DuPont officials said Friday they are positioning themselves early in an online business-to-business marketplace that has yet to fully develop. The new company, called CapSpan, is to be based in Wayne, Pa., where Internet Capital Group, has its headquarters.
CapSpan will actually be a holding company that will develop other Web companies to do the actual trading over the Internet.
Many retailers have embraced the Web for its huge consumer marketplace, with people surfing the Internet for boots, gloves and books. But manufacturers have been slower to go online for the materials they need to make those retail goods.
However, online business-to-business marketplace of goods and services has the potential to reach $7.3 trillion within four years, according to DuPont analysts.
``We selected Internet Capital Group because they can most readily help us capitalize on opportunities in the rapidly emerging Internet economy,″ said Charles O. Holliday Jr., DuPont chairman and chief executive.
DuPont is already a leader in providing goods to the traditional manufacturing marketplace. When the buyers of industrial goods move online, CapSpan will be armed with DuPont’s recognized experience and the Internet savvy of its partner, Internet Capital Group, DuPont executives said.
CapSpan will specifically target construction, apparel and chemical manufacturers, selling the material that ends up in home insulation, carpet and clothing, for instance.
Internet Capital Group is an Internet holding company focused on business-to-business Internet sales. It has a trading network of 55 partner companies.
DuPont, headquartered in Wilmington, Del., is one of the world’s leading chemical companies. It operates in 65 countries.