NEW YORK — DuPont and Koch Industries got a thumbs-up Wednesday from European regulators to go ahead with the sale of DuPont’s Invista textiles unit.
This story first appeared in the January 22, 2004 issue of WWD. Subscribe Today.
A statement from the European Commission said, “The combined market shares would not be very high at European or worldwide level. The transaction does not raise any competition concerns even in the market for man-made fibers for industrial applications where Invista and Koch are both active.”
The two companies are still awaiting U.S. regulatory approval.
Wichita, Kan.-based Koch’s $4.4 billion acquisition of Invista from Wilmington, Del.-based DuPont is expected to close during the first half of the year. Koch officials have indicated they plan to merge Invista and their existing KoSa polyester business.
The combined businesses would have revenues of about $9 billion and be the largest fiber company in the world, with a significant presence in the polyester, nylon and spandex markets.