Kuraray to Acquire DuPont Glass Laminating Solutions/Vinyls
WILMINGTON, Del., Nov. 21, 2013
WILMINGTON, Del., Nov. 21, 2013 /PRNewswire/ --Kuraray (TSE:3405) and DuPont
(NYSE: DD) today announced they have signed a definitive agreement for DuPont
to sell Glass Laminating Solutions/Vinyls (GLS/Vinyls), a part of DuPont
Packaging & Industrial Polymers, to Kuraray for US$543 million, plus the value
of the inventories. The sale is expected to close during the first half of
2014 pending customary regulatory approvals.
GLS/Vinyls is a leading supplier of polyvinyl butyral and ionomer sheets for
safety glass, and vinyl acetate monomer and polyvinyl alcohol (PVA) products
used in a variety of architectural, automotive and industrial applications.
GLS/Vinyls delivered full-year 2012 net sales of more than US$500 million. It
has about 600 employees with six manufacturing sites in the U.S., Europe and
Asia that serve more than 350 customers worldwide.
Keiji Murakami, president of Kuraray's Vinyl Acetate Company said, "Kuraray
was one of the first to successfully industrialize and globally market PVA.
As a pioneer of Vinyl Acetate related business, Kuraray has a global presence
in the business area of PVA resin, PVB resin and film, PVA film that is used
for LCD and detergent unit packing, EVOH (ethylene vinyl alcohol) resin
(trademarked as EVAL) used for food packaging and gasoline tanks, and PVA
fiber (vinylon) that is used for a substitute of asbestos and a reinforcing
material of cement.
"We will benefit from DuPont's talented global GLS/Vinyls team and their
technology, R&D, manufacturing and sales network that has supported it over
the years. I am convinced these areas of expertise will allow us to continue
to expand our Vinyl Acetate business going forward," said Murakami.
"GLS/Vinyls will have a good home with Kuraray. That company's focus on PVA
as a central part of its core Vinyl Acetate business, its strong global market
position and its capacity to invest in GLS/Vinyls all make this a good fit,"
said William J. Harvey, president, DuPont Packaging & Industrial Polymers.
Kuraray was established in 1926. In 1950, the company achieved a corporate
milestone as the first in the world to bring polyvinyl alcohol synthetic fiber
to market. In subsequent years, Kuraray used its proprietary technology in
the area of polymer chemistry and synthetic chemistry to develop resins,
chemicals, fibers and textiles and others. Kuraray has overseas subsidiaries
in 19 countries and regions outside Japan, as a global specialty chemical
company. For more information, visit the company's website at
DuPont has been bringing world-class science and engineering to the global
marketplace in the form of innovative products, materials, and services since
1802. The company believes that by collaborating with customers, governments,
NGOs, and thought leaders we can help find solutions to such global challenges
as providing enough healthy food for people everywhere, decreasing dependence
on fossil fuels, and protecting life and the environment. For additional
information about DuPont and its commitment to inclusive innovation, please
Forward-Looking Statements: This news release contains forward-looking
statements which may be identified by their use of words like "plans,"
"expects," "will," "believes," "intends," "estimates," "anticipates" or other
words of similar meaning. All statements that address expectations or
projections about the future, including statements about the company's growth
strategy, product development, regulatory approval, market position,
anticipated benefits of acquisitions, outcome of contingencies, such as
litigation and environmental matters, expenditures and financial results, are
forward-looking statements. Forward-looking statements are not guarantees of
future performance and are based on certain assumptions and expectations of
future events which may not be realized. Forward-looking statements also
involve risks and uncertainties, many of which are beyond the company's
control. Some of the important factors that could cause the company's actual
results to differ materially from those projected in any such forward-looking
statements are: fluctuations in energy and raw material prices; failure to
develop and market new products and optimally manage product life cycles;
significant litigation and environmental matters; failure to appropriately
manage process safety and product stewardship issues; changes in laws and
regulations or political conditions; global economic and capital markets
conditions, such as inflation, interest and currency exchange rates; business
or supply disruptions; security threats, such as acts of sabotage, terrorism
or war, weather events and natural disasters; ability to protect and enforce
the company's intellectual property rights; and successful integration of
acquired businesses and separation of underperforming or non-strategic assets
or businesses. The company undertakes no duty to update any forward-looking
statements as a result of future developments or new information.
Contact: Kuraray, Tomoyuki Shimamoto, +81-3-6701-1071,
firstname.lastname@example.org; or DuPont, Carole Davies, +1-248-583-8112,
Press spacebar to pause and continue. Press esc to stop.