DuPont and Magellan Systems International have announced that they have signed definitive agreements under which DuPont will increase its equity interest in Magellan. Financial terms of the agreements were not disclosed.
Magellan - an eight-year-old company with research and development facilities and a pilot manufacturing site located in Richmond - has been working with DuPont Advanced Fiber Systems (AFS), which also is based in Richmond, to develop M5, an ultra high-strength performance fiber. As a next-generation material in protective applications, M5 contains unique attributes of strength, stiffness, and resistance to high temperatures. While still under development, the material has a range of potential uses to enhance protection of military, law enforcement, firefighters and industrial workers, and also to address high-performance industrial applications.
DuPont is a leading innovator of high-performance materials, including the widely recognized DuPont(TM) Kevlar and Nomex brand fibers. Kevlar is five times stronger than steel on an equal weight basis - providing unique strength, performance, and light weight properties. Its balance of unique attributes allows a broad range of applications from ballistic vests to cut- resistant gloves. Nomex has inherently flame-resistant properties combined with unique textile, chemical and electrical properties.
"With our established Kevlar and Nomex advanced fibers widely recognized for their unique properties, the addition of M5 will complement and extend DuPont's current portfolio of safety and protection innovations and capabilities," said William J. Harvey, vice president and general manager - DuPont Advanced Fiber Systems. "The addition of M5 will further DuPont's development of innovative technologies to enhance protection against a growing range of threats to meet our customers' emerging needs. We have been working with Magellan for several years on a pilot initiative. Today's announcement is an important step in our joint development and commercialization of this innovative fiber. Our work with Magellan and the development of M5 fiber is a great example of DuPont's strategy to 'put science to work' - by providing innovative solutions to enhance safety and protection in our world today."
"While working with DuPont during the past two years on this project, we have been extremely impressed by DuPont's technical expertise and dedication to the development of Magellan's M5 fiber," said Gene Vetter, Magellan's chief executive officer. "We can't imagine how we would have made as much progress, as quickly as we have, without DuPont's assistance. This arrangement will make it possible to accelerate the commercialization of this amazing new fiber, and I firmly believe that with DuPont's leadership, Armed Services personnel, firefighters and police forces will see it a lot faster than we could have provided it to them on our own - and that's what counts."
http://www.dupont.com/
Posted 5th April 2005
