By Patrick Raleigh ERJ On-line news editor/
Wilmington, Delaware-Gary Pfeiffer, DuPont's senior vice president and chief financial officer has assumed additional operating responsibility for Invista, until completion of its sale to Koch Industries Inc. He takes over from Invista president and CEO Steve McCracken, who has gone on special assignment until completion of the $4400-million sale, DuPont announced 22 Jan.
DuPont said it expects to close the sale of Invista to Koch of Wichita, Kansas, in the first half of 2004. The deal was cleared by the US Federal Trade Commission on 23 Dec and the European Commission, on 21 Jan.
Koch recently named its management board for Invista, which featured six Koch executives-including Charles Koch, chairman and CEO of Koch Industries. McCracken, was to have served as Invista's president and chief operating officer, though his role as CEO passed to Jeff Walker, a 19-year Koch veteran.
Invista is a world leader in the supply of polyurethane-based spandex fibre as well as of nylon fibre. Koch is a global producer of commodity and speciality polyester fibres, polymers and intermediates, via its Kosa Inc. subsidiary.
Koch is the second largest privately-owned company in North America. The Wichita-based firm generates sales of around $40 000 million from operations covering in a wide range of commercial and industrial sectors.