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DuPont and Dow Enter Into Agreements on DuPont Dow
Elastomers
Manufacturing News Center
WILMINGTON, Del., and MIDLAND, Mich., -- April 09, 2004-- Agreements
Address DDE Ongoing Antitrust Investigations and Establish an Option
for Dow Related to Certain Assets.
The two companies have also taken a number of additional actions to
assure that DDE conducts its business activities in full compliance
with antitrust law.
DuPont and The Dow Chemical Company today that they have entered into
a series of agreements that enable DuPont to direct DuPont
Dow Elastomers LLC (DDE), a 50/50 joint venture between DuPont and
Dow, in its response to ongoing antitrust investigations and related litigation
in the synthetic rubber markets. As previously disclosed, DDE has been
subpoenaed in connection with these investigations.
Once notified of the investigations, DuPont and Dow directed DDE to form
an advisory committee to review the facts with the help of a former U.S.
Assistant Attorney General for the Antitrust Division acting as counsel
for DDE. DuPont and Dow also directed DDE through its own counsel to cooperate
fully with authorities conducting investigations in the United States,
the European Union and Canada. The two companies have also taken a number
of additional actions to assure that DDE conducts its business activities
in full compliance with antitrust law.
DuPont and Dow have concluded that it is in the best interests of all
parties involved to consolidate control over directing DDE's response
to these investigations and the related litigation. DuPont has agreed
to assume this role, and to accept a greater obligation to fund potential
liabilities and costs. As a result, DuPont will fund 100 percent of any
potential DDE liabilities and costs up to $150 million, with DuPont also
funding more than 75 percent of the excess, if any.
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