Invista Directors, Key Leaders Announced

Furniture World News

Following the announcement that subsidiaries of Koch Industries, Inc. have agreed to purchase INVISTA from DuPont, directors and key leaders for INVISTA have been identified to guide the company after the acquisition is complete. Jeff Walker, a 19-year Koch company veteran, will become chairman of INVISTA’s board of directors and chief executive officer. INVISTA’s current president, Steve McCracken, will serve on the board of directors, remain president and also become chief operating officer. In addition to Walker and McCracken, INVISTA’s board of directors will include the following: Charles Koch, chairman and CEO of Koch Industries; Joe Moeller, president and COO of Koch Industries; Bill Caffey, executive vice president of Koch Industries; Rich Fink, executive vice president of Koch Industries; Steve Feilmeier, chief financial officer of Koch Industries; and John Pittenger, senior vice president of Koch Industries. Also upon closing, George Gregory, currently president and CEO of KoSa B.V., will become an INVISTA senior vice president, reporting directly to the CEO. Additional members of the leadership team and other organizational decisions will be announced as appropriate in the coming weeks. Walker, currently president of Koch Nitrogen Company, has held positions with various Koch operating and trading companies. He helped lead Koch Nitrogen’s expansion in the global nitrogen fertilizer markets, with acquisitions of more than $400 million in 2003. He has been board chairman and president of FertiNitro, a $1.1 billion Venezuelan fertilizer production complex in which a Koch Mineral Services subsidiary is an investor. Walker serves on the business advisory council at Kansas State University’s College of Business, from which he graduated with a bachelor’s degree in marketing. McCracken has spent 28 years with DuPont, and was instrumental in positioning INVISTA for strategic development globally. McCracken has served in operations, finance, planning, marketing and business management positions for DuPont in the United States and Europe. He also serves on the board of several ventures in Latin America and Asia. He is a graduate of Rose-Hulman Institute of Technology with a bachelor’s degree in mechanical engineering. Upon the conclusion of the transaction, which is subject to regulatory approvals that are expected to be complete in the first half of 2004, INVISTA’s strong brands, primarily in nylon and spandex, will be combined with the polyester businesses of KoSa, a subsidiary of Koch Industries, Inc., to create a diverse company, well-positioned to compete in the global fibers and resins markets. INVISTA, currently a business unit of DuPont, is the largest integrated fiber and intermediates business in the world, with 2002 revenues of $6.3 billion. It has 18,000 employees and interests in 50 global manufacturing sites. Headquartered in Wilmington, Del., it operates in 50 countries and is comprised of three businesses: Apparel; Interiors and Industrial; and Intermediates. INVISTA is committed to its customers’ growth through market insights and technology innovations combined with a powerful portfolio of the best-known global brands and trademarks in the industry including: LYCRA®, STAINMASTER®, ANTRON®, COOLMAX®, THERMOLITE®, CORDURA®, SUPPLEX®, TACTEL®, and in the specialty chemicals business: CORFREEâ, DYTEKâ, ADI-Pureâ and TERATHANE. Koch Industries is a privately held company that owns a diverse group of companies that operate in more than 30 countries in core industries such as trading, petroleum, chemicals, natural gas, gas liquids, asphalt, resins and fibers, minerals, fertilizers, chemical technology equipment, ranching, securities and finance, as well as in other ventures and investments. KoSa B.V. and its subsidiaries are global producers of commodity and specialty polyester fibers, polymers and intermediates.