By Patrick Raleigh UT On-line/news editor
Wichita, Kansas-Koch Industries Inc. is clearly intent on putting its mark on Invista-DuPont’s textiles and intermediates subsidiary business, which it is acquiring for $4400 million.
Invista’s board will consist of six Koch executives-including Charles Koch, chairman and CEO of Koch Industries-and Steve McCracken, Invista’s current president and CEO, Koch recently said.
McCracken is to remain as president and become chief operating officer of Invista, though the CEO role will pass to Jeff Walker, a 19-year Koch veteran, who is also to become chairman of the Invista board.
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.”