DuPont To Consolidate Businesses
Oct. 30, 2000
WILMINGTON, Del. (AP) _ DuPont announced Monday that it will consolidate its apparel, home textiles and other related businesses into a new $3 billion unit called DuPont Apparel and Textile Sciences.
DuPont's Lycra, Nylon and Dacron units will become a single unit as of Jan. 1, 2001. The new organization will operate globally with approximately 10,000 employees.
``We believe this centralized market approach will provide economies of scale and scope, enable us to build stronger partnerships with our customers and better deliver the constant flow of 'newness' our global markets demand,'' said Steven R. McCracken, DuPont group vice president, in a statement.
Shares of DuPont closed Monday up $4.00, or 9.8 percent, to $45.00 on the New York Stock Exchange.
The headquarters of the new unit will be housed on DuPont's existing campus in Wilmington, where the company is based, said spokeswoman Carol Gee.
Gee said layoffs were not planned.
DuPont operates in 70 countries and has 94,000 employees.