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DuPont Aligns Businesses By Markets Technologies Forms TextilesandInteriors Subsidiary

Taking the next stepin its transformation to a sustainable growth company, DuPont (NYSE: DD) todayannounced the alignment of its businesses in five market- andtechnology-focused growth platforms and the creation of a Textiles andInteriors subsidiary. The growth platforms are: DuPont ElectronicandCommunication Technologies;DuPont Performance Materials; DuPont CoatingsandColor Technologies; DuPontSafetyandProtection; and DuPont AgricultureandNutrition. "Consistent with our long-term strategy and direction, our growthplatforms will be more tightly focused on markets and technologies. This willenable faster execution and improved capability for innovation and shareholdervalue creation," said DuPont Chairman and CEO Charles O. Holliday, Jr. The new wholly owned subsidiary, called DuPont TextilesandInteriors, willinclude the nylon fibers, polyester fibers and Lycra(R) brand fiberbusinesses, plus their intermediates and joint ventures. DuPont will considera full range of options for DuPont TextilesandInteriors, including an InitialPublic Offering (IPO), with the ultimate intent of separation by year-end2003, market conditions permitting. The company has engaged Morgan Stanley toassist in the evaluation process. "A company can operate successfully for 200 years only by continuallyreinventing itself," Holliday said. "DuPont people in all of our businessesknow this is key to a strong future. Each of the five growth platforms hasthe critical mass to pursue our strategies of integrated science, knowledgeintensity and productivity improvement while capitalizing on strong marketpositions, quality products and powerful brands. At the same time, our newTextilesandInteriors subsidiary will have the scale, global reach andflexibility to be highly successful in an industry undergoing fundamentalstructural change." DuPont TextilesandInteriors will be the world's largest integrated fiberscompany with annual segment sales estimated at $6.5 billion. This representsabout 23 percent of 2001 total DuPont Company segment sales, which includestransfers and the company's pro rata share of sales by equity affiliates. Thesubsidiary will be structured to grow shareholder value by aligning resourceswith market opportunity and establishing an industry-competitive coststructure. As the global leader in product categories representing 75 percent of itsrevenue, DuPont TextilesandInteriors will have significant cash and earningsgrowth potential based on growth in key branded platforms such as Lycra(R)brand fiber, Stainmaster(R) carpet and Antron(R) nylon carpet, significantcost reduction opportunities, a robust innovation pipeline and strong marketchannel access. DuPont TextilesandInteriors will be led by DuPont Executive Vice Presidentand Chief Operating Officer Richard R. Goodmanson and an experienced teamincluding Group Vice Presidents Steven R. McCracken and George F. MacCormack. "Our nylon, polyester and Lycra(R) businesses have played a very importantrole in DuPont for many decades," Holliday said. "They have served ourcompany, our shareholders and our customers extremely well. Now, with rapidlychanging industry dynamics and tough market realities, we believe the coursewe have chosen is necessary to allow them to succeed in the future." Concurrent with these actions, DuPont will offset all residual costs fromthe separation of the DuPont TextilesandInteriors subsidiary by aggressivelyreducing its cost structure for corporate and support services. This effortwill be led by W. Donald Johnson, Group Vice President - Operations &Services. Each of the five growth platforms has strong capabilities, large marketopportunities and leadership focus and accountability. A priority will be toleverage across the platforms as needed for market access and technologyextension. The five growth platforms are: * DuPont ElectronicandCommunication Technologies. With about $2.7 billion in segment sales, this group is a world leader in electronic materials. It has the ability to capitalize on development of innovative technologies that improve the form and functionality of electronic components in a wide range of applications for the information and communications industries. The group comprises DuPont Electronic Technologies; DuPont Displays Technologies; DuPont Imaging Technologies; and DuPont Fluoroproducts, which includes fluoropolymers, fluorochemicals and fuel cells. These businesses will be led by Diane H. Gulyas, currently vice presidentandgeneral manager - DuPont Advanced Fiber Systems, who will become Group Vice President. * DuPont Performance Materials. With segment sales of about $4.7 billion, this group will focus on high-performance materials substitution in areas where DuPont has a unique advantage. It comprises DuPont Engineering Polymers, including Zytel(R) nylon resins; DuPont Packaging andIndustrial Polymers; and DuPont's interests in the DuPont Dow Elastomers and DuPont Teijin Films joint ventures. Group Vice President Craig G. Naylor will lead these businesses. * DuPont CoatingsandColor Technologies. With segment sales of about $4.9 billion, this group of businesses will extend the company's global industry leadership position in coatings and color through superior product development and productivity advances. It includes DuPont Performance Coatings and DuPont White Pigment and Mineral Products. Group Vice President Edward J. Donnelly will lead these businesses. * DuPont SafetyandProtection. With segment sales of about $3.6 billion, this group of businesses is well-positioned to address high growth opportunities, capitalizing on the company's unsurpassed capability in safety, security and protection while integrating knowledge and products in solutions-based offerings. It includes DuPont Safety Resources; DuPont Advanced Fiber Systems; DuPont Nonwovens; the DuPont Chemical Solutions Enterprise; and DuPont Surfaces. These businesses will be led by Group Vice President Ellen J. Kullman. * DuPont AgricultureandNutrition. With segment sales of about $4.3 billion, this business group will leverage DuPont strengths in crop protection chemicals, seeds, biotechnology, food ingredients and safety to provide solutions for growers and the global food industry. It comprises DuPont Crop Protection; Pioneer Hi-Bred International Inc.; and DuPont NutritionandHealth, which includes DuPont Protein Technologies and DuPont Qualicon, Inc. These businesses will be led by Group Vice President Howard L. Minigh. The five growth platform leaders will report to John C. Hodgson, currentlyGroup Vice President, who is appointed Executive Vice President. DuPontexternal financial reporting will be realigned to reflect the new managementstructure. Estimated sales data shown above are based on 2001 segment sales. During 2002, DuPont is celebrating its 200th year of scientificachievement and innovation - providing products and services that improve thelives of people everywhere. Based in Wilmington, Del., DuPont deliversscience-based solutions for markets that make a difference in people's livesin food and nutrition; health care; apparel; home and construction;electronics; and transportation. Forward-Looking Statements: This news release contains forward-lookingstatements based on management's current expectations, estimates andprojections. All statements that address expectations or projections about thefuture, including statements about the company's strategy for growth, productdevelopment, market position, expected expenditures and financial results areforward-looking statements. Some of the forward-looking statements may beidentified by words like "expects," "anticipates," "plans," "intends,""projects," "indicates," and similar expressions. These statements are notguarantees of future performance and involve a number of risks, uncertaintiesand assumptions. Many factors, including those discussed more fully elsewherein this release and in documents filed with the Securities and ExchangeCommission by DuPont, particularly its latest annual report on Form 10-K andquarterly report on Form 10-Q, as well as others, could cause results todiffer materially from those stated. These factors include, but are notlimited to changes in the laws, regulations, policies and economic conditions,including inflation, interest and foreign currency exchange rates, ofcountries in which the company does business; competitive pressures;successful integration of structural changes, including restructuring plans,acquisitions, divestitures and alliances; cost of raw materials, research anddevelopment of new products, including regulatory approval and marketacceptance; and seasonality of sales of agricultural products.SOURCE DuPontWeb Site: http://www.dupont.com Copyright 2002 PR Newswire




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