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DuPont And Haci Omer Sabanci Form Joint Venture

DuPont, Wilmington, Del., and Haci Omer Sabanci Holding AS, have signed a definitive agreement to sell polyester filament, staple, resins, intermediates and related products for markets throughout Europe, the Middle East and Africa.DuPont and Sabanci will be equal partners in the joint venture. Operation will begin after approval from the European Commission and Turkish Competition Board.The joint venture will have revenues of $1 billion annually and will employ approximately 4,500 people.This venture will combine the two leading producers of polyester in the world. Omer Sabanci, president of Sabanci Group Chemicals, will become chairman of the board, and P.W. Kerry Kehoe, former managing director, apparel, for DuPont Asia-Pacific Nylon, will become CEO of the joint venture.

November 1999