From pantyhose to non-stick cookware and protective clothing—how has the century-old American chemical giant DuPont conquered the world through materials?

In 1802, a French immigrant named E. I. du Pont established a gunpowder mill along the Brandywine River near Wilmington, Delaware, with an initial investment of $36,000. During the American Civil War, DuPont primarily supplied gunpowder to the Union Army, earning its first major fortune. But DuPont’s ambitions extended far beyond gunpowder. Entering the 20th century, it quickly recognized the limitations of relying solely on explosives. After accumulating foundational capital through arms trading, the company embarked on a strategic expansion into chemistry and materials science—a pivotal turning point that laid the groundwork for its future brilliance. In the 1920s and 1930s, DuPont achieved breakthroughs in polymer research, unveiling a series of revolutionary inventions. The brightest star among them was nylon, introduced in the 1930s. This invention not only transformed the textile industry—sparking a global hosiery craze—but also cemented DuPont’s status as a scientific innovation powerhouse, bringing immense reputation and wealth. After World War II, DuPont continued its innovative momentum. The era of synthetic fibers entered its golden age: Dacron® (widely known in China as “Dekelon”) and Teflon™—which revolutionized kitchenware—were successively launched. The DuPont name became virtually synonymous with 'innovative materials.' 02 DuPont’s Famous 'Black-Tech' Materials Squad For those attentive to fashion and everyday life, DuPont’s most talked-about achievements remain its 'black-tech' materials. Among the following common textile material names, you’re almost certain to recognize at least one. These household-name brands collectively formed DuPont’s 'Golden Age' and 'Materials Dream Team' in materials science. Their inventions not only shaped industrial development but also transformed people’s clothing experiences and habits. 03 Why Did DuPont 'Sell Off' These Star Brands? As shown in the table above, many iconic brands—including LYCRA®, COOLMAX®, and CORDURA®—are no longer owned by DuPont. Why is that? In 2004, DuPont packaged its large Textiles & Interiors business unit into a standalone entity named INVISTA and sold it to Koch Industries, another U.S. company, for $4.4 billion. This meant that a suite of once-proud DuPont brands—including LYCRA®, COOLMAX®, THERMOLITE®, and CORDURA®—all changed hands alongside INVISTA. 'After restructuring INVISTA, Koch sold the majority stake in its Apparel & Advanced Textiles business—including the LYCRA® brand—to Shandong Ruyi Group in 2017. Following the completion of the transaction in 2019, the business was renamed The LYCRA Company. However, due to Ruyi’s debt default, The LYCRA Company underwent creditor-led restructuring—a story for another time, which we’ll set aside for now and perhaps revisit later.' Officially, this divestiture marked a critical step in DuPont’s strategic transformation. Why package and sell? Ultimately, it came down to the low gross margin of the textile fiber business.

DuPont announces preliminary fourth-quarter and full-year 2023 results and provides preliminary outlook for first quarter 2024.

Full Year (ended December 31, 2023): ・Net sales of approximately $12.07 billion. ・GAAP income from continuing operations between $460 million and $610 million. ・Operating EBITDA of approximately $2.94 billion. ・GAAP earnings per share (EPS) from continuing operations of $0.92 to $1.28. ・Adjusted EPS of $3.46 to $3.48. Other metrics: ・Cash provided by operating activities (continuing operations) of approximately $640 million. ・Adjusted free cash flow of approximately $500 million. Preliminary Outlook for First Quarter 2024 ・Expected net sales of approximately $2.8 billion. ・Expected operating EBITDA (earnings before interest, taxes, depreciation, and amortization) of approximately $610 million. ・Expected adjusted EPS of $0.63 to $0.65. ・These figures provide an early indication; actual results may be adjusted in future financial reports. Ed Breen, Executive Chairman and CEO of DuPont, stated: 'Amid persistently declining volumes, we remain focused on controllable operational levers, generating substantial cash in the fourth quarter.' 'As 2023 draws to a close, we observe further reductions in industrial channel inventories and continued softness in Chinese demand. We see similar trends persisting and anticipate sequential declines in both sales and earnings for the first quarter of 2024, driven by these factors—and the absence of certain discrete items that favorably impacted fourth-quarter operating EBITDA.' 'Additionally, we continue to see stability in the semiconductor technology sector, with fourth-quarter sales growing slightly as anticipated. We remain confident in a broad-based recovery across the electronic materials market in 2024,' Breen added. 'Furthermore, we are executing swiftly on the restructuring actions announced last November and expect to begin realizing related cost savings in late Q1.'

Director Breen Exercises $108.84 Options and Sells DuPont (DD) Shares

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DuPont Director Edward D. Breen exercised 89,845 options and sold shares on November 5, 2026, realizing a pre-tax spread of approximately $3.38 million. He also received 35,551 shares as an annuity payment in late August.

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