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.
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4/30/15
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SOURCE DuPont
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