DuPont to buy all DuPont Canada stock for C$1.4B
By Furniture Today Staff -- Furniture Today, March 31, 2003
Wilmington, Del. — DuPont, which already owns 76% of DuPont Canada stock, plans to spend about C$1.4 billion in cash to acquire the remaining shares, for about C$21 per share.
DuPont Canada's board of directors already has approved the plan.
The acquisition is related to DuPont's intention, announced in February 2002, to separate its DuPont Textiles & Interiors business from the rest of the company by the end of this year, possibly through an initial public offering. DTI makes up a substantial portion of DuPont Canada's business. Alternatively, if the acquisition of the remaining stock is unsuccessful, DuPont will transfer its ownership interest in DuPont Canada to DTI.
DuPont Canada serves customers across Canada and in more than 40 other countries. Headquartered in Mississauga, Ontario, the company serves global markets through offices or operations in Canada, the United States, Mexico, France, the United Kingdom and India. The company has 4,000 employees.
DuPont, a chemical and textile company founded in 1802, operates in more than 70 countries and offers products and services to the home furnishings industry as well as in agriculture, electronics, communication, safety, construction, transportation, apparel and other markets.
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