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.
The DuPont Oval Logo, DuPont™ and Kevlar® are registered trademarks or trademarks of DuPont or its affiliates.