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DuPont acquisition of Pedex still on course • Chemical company and Pedex creditors reaffirm common goal Mannheim/Affolterbach, May 2006. DuPont and the creditors of Pedex have reaffirmed their commitment to pursue the acquisition of the filament manufacturer with operations in Affolterbach (southern Hesse) by the chemical company. “Both contract partners see no reason to withdraw from the process, which will provide the best solution for the former Coronet subsidiary,” stated insolvency administrator Tobias Hoefer from the Hack Hoefer law firm in Mannheim. The consummation of the transaction relating to DuPont’s acquisition of Pedex is conditional to its approval by the Federal Cartel Office, which has initially been refused. DuPont and the insolvency administrator have since appealed against the decision. “This is in the interest of both the creditors and the company,” says Hoefer. Pedex employs around 130 employees in Affolterbach in the manufacture of filaments for all forms of brushes, predominantly toothbrushes, and is one of the leading German suppliers for trade and industry in this sector. The profitable former subsidiary of the Coronet Group was forced into insolvency following the parent company’s own filing for insolvency in July 2005. Since this date, the company has remained in operation under the responsibility of the legally appointed insolvency administrator Tobias Hoefer. Involvement of DuPont the best business solution. The chemical company DuPont was identified as an investor for Pedex at the end of Septem-ber, securing jobs and providing a long-term development perspective for the site. “The Du-Pont bid was selected by the creditors as it represented not only the best business offer, but the most promising solution for securing the future of the site,“ said Hoefer. Business is operating at full pace in Affolterbach. “We are manufacturing profitably and have preserved all 130 jobs. The atmosphere in the plant and motivation amongst employees were very positive when we signed the agreement with DuPont. That’s why we are all at a loss to explain why the Federal Cartel Office is obstructing this route,” states Pedex managing direc-tor Dieter Titze. Besides Pedex, all remaining production sites which were once part of the Coronet Group have also been secured as part of the insolvency proceedings. Of the approximate 1,100 jobs, principally in the Odenwald region, the insolvency administrators Tobias Hoefer, Marc Schmidt-Thieme and Christopher Seagon were able to secure 900. “An extraordinarily high number in our opinion, particularly when one considers the current situation for manufactur-ing in Germany,” comments Tobias Hoefer. # # # EP-EU-2006-08 The DuPont Oval, DuPont™, The miracles of science™, Chinex®, Herox®, Orel® and Tynex®, are registered trademarks or trademarks of DuPont or its affiliates. For further information please contact:
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Media Contacts Julian Kestler |
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