WILMINGTON, Del., April 30, 2015 /PRNewswire/ -- Today DuPont
announced that it has entered into a settlement agreement with
Kolon Industries that resolves all outstanding litigation between
the two companies. DuPont had filed a civil lawsuit against
Kolon in 2009 for misappropriation of trade secrets and
confidential information regarding DuPont™ Kevlar®
technology. The financial terms of the settlement include
up-front and ongoing payments to DuPont. Further terms and
conditions of the settlement are confidential.
Separately, Kolon also announced that it has entered into a Plea
Agreement with the U.S. Department of Justice resolving all charges
against Kolon arising from the United States Government
investigation of conversion of trade secrets by certain Kolon
entities and employees. Kolon pled guilty to a single count
of Conspiracy to Convert Trade Secrets related to its para-aramid
fiber products. Under the Plea Agreement and Restitution
Order, Kolon is ordered to pay restitution to DuPont totaling
$275 million.
"DuPont is pleased with the outcome of this matter," said DuPont
Senior Vice President and General Counsel Stacy L. Fox. "The
resolution of this litigation helps ensure the protection of our
proprietary technology. We look forward to continuing to
apply our innovative science to meet the needs of customers and
licensees of Kevlar® to help save lives and keep
workplaces safe around the world across an array of industries,
including first responders, law enforcement and military
personnel."
DuPont (NYSE: DD) has been bringing world-class science and
engineering to the global marketplace in the form of innovative
products, materials, and services since 1802. The company
believes that by collaborating with customers, governments, NGOs,
and thought leaders we can help find solutions to such global
challenges as providing enough healthy food for people everywhere,
decreasing dependence on fossil fuels, and protecting life and the
environment. For additional information about DuPont and its
commitment to inclusive innovation, please visit
http://www.dupont.com.
Forward-Looking Statements: This news release
contains forward-looking statements which may be identified by
their use of words like "plans," "expects," "will," "believes,"
"intends," "estimates," "anticipates" or other words of similar
meaning. All statements that address expectations or
projections about the future, including statements about the
company's growth strategy, product development, regulatory
approval, market position, anticipated benefits of acquisitions,
timing of anticipated benefits from restructuring actions, outcome
of contingencies, such as litigation and environmental matters,
expenditures and financial results, are forward-looking
statements. Forward-looking statements are not guarantees of
future performance and are based on certain assumptions and
expectations of future events which may not be realized.
Forward-looking statements also involve risks and uncertainties,
many of which are beyond the company's control. Some of the
important factors that could cause the company's actual results to
differ materially from those projected in any such forward-looking
statements are: fluctuations in energy and raw material prices;
failure to develop and market new products and optimally manage
product life cycles; ability to respond to market acceptance,
rules, regulations and policies affecting products based on
biotechnology; significant litigation and environmental matters;
failure to appropriately manage process safety and product
stewardship issues; changes in laws and regulations or political
conditions; global economic and capital markets conditions, such as
inflation, interest and currency exchange rates; business or supply
disruptions; security threats, such as acts of sabotage, terrorism
or war, weather events and natural disasters; ability to protect
and enforce the company's intellectual property rights; successful
integration of acquired businesses and separation of
underperforming or non-strategic assets or businesses and
successful completion of the proposed spinoff of the Performance
Chemicals segment including ability to fully realize the expected
benefits of the proposed spinoff. The company undertakes no duty to
update any forward-looking statements as a result of future
developments or new information.
4/30/15
The DuPont Oval Logo, DuPont™ and Kevlar® are registered
trademarks or trademarks of DuPont or its affiliates.
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SOURCE DuPont