DUPONT POLY DEAL: DuPont will acquire the 1,3 propanediol polyester intermediate technology of Degussa and will sell its worldwide hydrogen peroxide business to the German chemical producer.
No terms were disclosed.
“This action is consistent with our strategy to continually increase shareholder value by strengthening the technology advantages and global position of our core businesses,” said Jerald Blumberg, executive vice president of DuPont, in a statement. “This will enable us to quickly attain a competitive PDO position while we transition to lower-cost PDO based on our patented biotechnology process.”
As part of the agreement, Degussa will provide product and transfer technology and assist in the start-up of a PDO plant, to be built by DuPont at an as-yet-undetermined site in North America.
The acquisition is the latest move by DuPont to improve the efficiencies of its polyester production. In early July, DuPont acquired the worldwide polyester intermediates, films and resins business of ICI.
NATIONAL NEWS: James Chesnutt has been named president and chief executive officer of National Spinning. He succeeds president Buster Humphreys, who retires effective today, and Joseph Leff, who is stepping down as ceo after 33 years, but continues as chairman.
Chesnutt most recently served as vice president of Harriet & Henderson Yarns.
INTIMATE MERGER: LMR Holdings Inc. has acquired the Stayfast Group of Hong Kong, a large manufacturer of hook and eye tape for the intimate apparel industry. No terms were disclosed.
LMR is the parent company of L.M. Rabinowitz, Corchetes Internacionales, and BRB International, manufacturers of components for innerwear.
FOREIGN FACTS: Mary T. O’Rourke, vice president of strategic services for consultant Werner International, will be the speaker at a luncheon meeting of the New York Textile Group, Sept. 18 at 12 p.m. at the Union League Club in New York. O’Rourke will discuss the Far Eastern and Caribbean markets.
CAMERON ADDITION: Simon Kwong has been appointed vice president of design and merchandising for Cameron Industries, New York fabric converter, a new post. He reports to Sal Khayyam, president. Kwong most recently served as design director for Forrest Fabrics.