NEW YORK — Steve McCracken, president of DuPont Textiles & Interiors, in a recent interview spoke out to deny reports that he was looking to assemble an investor group to buy DuPont’s Lycra spandex business, which he formerly headed.
This story first appeared in the May 13, 2003 issue of WWD. Subscribe Today.
“If that rumor were true, then I would need to declare it to be true or there would be significant conflicts of interest here,” he said. “In a company like the DuPont company, the integrity issue is paramount, and that rumor is untrue. I’m interested in running the DTI business as a whole and working with the 20,000 great people to thrive in the future.”
DuPont is seeking to sell or spin off its DTI unit by the end of the year as reported. The company recently confirmed that it’s in sale talks with a party it declined to identify. Sources have said that party is Wichita, Kan.-based Koch Industries Inc., a major petroleum trader that also owns polyester maker KoSa.
A Koch spokeswoman last week declined to confirm or deny the talks, and DuPont officials have not indicated with whom they are speaking about selling the business.
McCracken, who had previously headed up DTI’s fiber operations, took over full leadership of the business this month. The move was one of the final housekeeping steps Wilmington, Del.-based DuPont needed to complete in preparing the $6.3 billion business to be sold or spun off.