NEW YORK -- DuPont South America, based in Buenos Aires, and Fibra, a member of the Vicunha Group in Brazil, have agreed to form a joint venture to serve the South American textile nylon market.

The new company, unnamed as yet, will be formed by mid-year. It will produce nylon for apparel and hosiery at DuPont's plant in Mercedes, Argentina, and at a Fibra site in Americana, Brazil.

It expects to have annual revenues of more than $100 million. About 1,000 people will be employed.

The Vicunha Group is a leading producer of nylon and other apparel fibers in Brazil, and has annual revenues of more than $1 billion. Fibra produces nylon only. The Vicunha Group operates more than 30 plants and employs more than 24,000 people.

According to Jorge Rosas, president of DuPont South America, the joint venture will take advantage of the technology and marketing experience of both companies.

"Customers will benefit from a broader product offering that is more competitive due to economies of scale," Rosas said.

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