KEHOE TO HEAD DUPONT, SABANCI POLY VENTURE
WILMINGTON, Del. — P.W. Kerry Kehoe has been named chief executive officer of the joint polyester venture being formed by DuPont and Haci Omer Sabanci Holding of Turkey.
The venture, which will be known as DuPont Sabanci Polyester Europe, will develop, make and sell polyester filament, staple, resins, intermediates and related products for markets throughout Europe, the Mideast and Africa. Headquarters are expected to be in London, a DuPont spokesman noted.
Plans for the joint venture were first revealed in April and on Monday, DuPont and Sabanci announced that they had signed a definitive agreement for the deal along with disclosing top management for the business. The firms said they will soon file with the European Commission and Turkish Competition Board for approval of the venture and they expect to begin operating the venture shortly after approvals are received. Kehoe has been managing director-apparel for Asia-Pacific Nylon. He has been with DuPont for 30 years. Named chairman of the joint venture was Omer Sabanci, a board member of Sabanci Holding and the president of Sabanci Group Chemicals.
DuPont and Sabanci will be equal partners in the venture, which is expected to have revenues of $1 billion annually and will employ about 4,500 people. The development is one of a series of moves DuPont has made recently to spin off its polyester businesses into joint ventures, with the goal of making its polyester operations less capital-intensive for the corporation. Including the Sabanci deal, about 80 percent of DuPont’s polyester businesses has already been moved into joint ventures.
Other management appointments for DuPont Sabanci include Osman Unsal, formerly group coordinator and board member of PILSA of Sabanci Holding, chief financial officer; Bruce R. Hawkins, formerly managing director and works director at DuPont’s Luxembourg site, chief operations officer, and Robert J. Davies, director of human resources. Davies has been in technology, business and production management with ICI, DuPont and ECSA U.K. Ltd., part of Sabanci Holding.
The Sabanci group is one of the two largest industrial and financial conglomerates in Turkey and operates in such businesses as tire and tire reinforcement materials, banking, insurance, textiles, chemicals and retail.