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DuPont mulls unit sale
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December 14, 2000: 9:40 a.m. ET
DuPont plans to separate DuPont Pharmaceuticals, taps CEO for unit
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NEW YORK (CNNfn) - DuPont, the top U.S. chemical company, plans to separate its pharmaceutical business after a six-month review on how to realize full value of the unit.
The company said Thursday it has yet to determine if a sale, spin-off, initial public offering or other option would be the best plan of action.
"We have concluded that the full value of DuPont Pharmaceuticals can best be realized outside DuPont," said Charles O. Holliday, Jr., DuPont chairman and CEO, in a statement. "We will evaluate all separation options, including an IPO, and will choose the one that can best contribute to our shareholder value objectives."
Richard U. De Schutter, who led the review, was named executive chairman, president and CEO of the unit.
De Schutter said the unit has "an exciting early-stage pipeline" and a number of "mature but profitable products" in its portfolio.
"Full realization of the business' potential, however, appears to be best accomplished outside DuPont's total ownership," he said.
The current president and CEO of DuPont Pharmaceuticals, Nicholas L. Teti, will retire effective Dec. 31.
Shares of Wilmington, Del.-based DuPont (DD: Research, Estimates) rose $1 to close at $43.19 on the New York Stock Exchange Wednesday. 
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