SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): May 11, 1998
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-815 51-0014090
(State or Other Jurisdiction (Commission (I.R.S Employer
of Incorporation) File Number) Identification No.)
1007 Market Street
Wilmington, Delaware 19898
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 774-1000
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Item 5. Other Events
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In connection with Debt and/or Equity Securities that
may be offered on a delayed or continuous basis under
Registration Statements on Form S-3 (No. 33-53327, No. 33-61339
and No. 33-60069), we hereby file the following press release.
Contact: Kathy Forte
(302) 773-4418
Susan Gaffney
(302) 774-2698
DUPONT ANNOUNCES PLANS TO DIVEST ITS CONOCO ENERGY OPERATIONS
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Wilmington, Del., May 11 -- DuPont today announced that
it plans to offer up to 20 percent of the common stock of its
wholly owned energy subsidiary, Conoco Inc., to the public in an
initial public offering (IPO). The IPO, which will be one of
the largest in history, is the first step in DuPont's planned
divestiture of its entire investment in Conoco.
"Conoco has been a strong contributor to DuPont's
earnings and cash flow for nearly 17 years," said DuPont
President and CEO Charles O. Holliday, Jr. "However, we believe
that value and growth can be enhanced for DuPont's materials and
life sciences businesses and for Conoco by separating the two
operations. We are building on our ten-year strategic direc-
tion, and intensifying our focus on life sciences, making it
imperative that we rapidly accelerate our investment to capture
market opportunity and increase shareholder value."
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Holliday said DuPont intends to divest its remaining
interest in Conoco as soon as practical. The form of the
divestiture could include further stock offerings or a spin-off
to shareholders. The determination as to the form and timing of
such divestiture will be based on cash needs and market
attractiveness.
"An IPO gives us maximum flexibility. DuPont will have
access to cash from the IPO and at the same time will benefit
from Conoco's ongoing financial contribution as we consider the
options for divestiture," Holliday said. "Given this, as well
as Conoco's plans for the future, the time is right for Conoco
to be given the opportunity to operate as an independent
entity."
Conoco President and CEO Archie W. Dunham said: "There
are a large number of investment opportunities for energy com-
panies today, largely due to widespread privatization and
deregulation around the world. The IPO will provide Conoco with
the means to capitalize on those opportunities," he said.
"Conoco is a much stronger company today than it was
just a few years ago," Dunham added. "We significantly reduced
our costs and upgraded our asset portfolio. We had record
earnings in 1997 and enjoy experienced management, an extra-
ordinary workforce, and an impressive solid set of core values
that guide all of our activities."
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DuPont said it expects Conoco to file a Registration
Statement with the Securities and Exchange Commission later this
year and plans to complete the IPO by year end.
Dunham, 59, will serve as president and chief executive
officer of Conoco Inc. DuPont, which will hold more than
80 percent of Conoco after the initial public stock offering,
will retain majority membership on the board. Edgar S.
Woolard, Jr., retired chairman of DuPont, will be the nonexecu-
tive chairman of Conoco Inc. After DuPont reduces its owner-
ship to less than 50 percent, it is expected that Dunham will
become chairman.
Conoco currently has revenues of about $22 billion.
Active in 40 countries, Conoco is a fully integrated energy
company involved in exploration, production, transportation,
marketing, refining and power. The company ranks ninth in the
worldwide production of petroleum liquids by all U.S.-based
companies, eleventh in the production of natural gas, and eighth
in refining runs.
Founded in 1802, DuPont is a global research and tech-
nology-based life sciences, materials and energy company.
Committed to better things for better living, DuPont serves
worldwide markets including food and nutrition; health care;
agriculture; fashion and apparel; home and construction;
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electronics; transportation and energy. The company operates in
about 70 countries and has 98,000 employees. Revenues in 1997
were more than $45 billion.
This is not an offering of securities which will be made
only by prospectus.
# # #
5/11/98
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
E. I. DU PONT DE NEMOURS AND COMPANY
(Registrant)
/s/ D. B. Smith
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D. B. Smith
Assistant Controller
May 11, 1998
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