Contacts:

Kuraray
Tomoyuki Shimamoto+81-3-6701-1071
kuraraykoho@kuraray.co.jp

DuPontCarole Davies+1-248-583-8112
carole.a.davies@dupont.com

Kuraray to Acquire DuPont Glass Laminating Solutions/Vinyls
WILMINGTON, Del., Nov. 21, 2013 – Kuraray (TSE:3405) and DuPont (NYSE:DD) today announced they have signed a definitive agreement for DuPont to sell Glass LaminatingSolutions/Vinyls (GLS/Vinyls), a part of DuPont Packaging & Industrial Polymers, to Kuraray for
US$543 million, plus the value of the inventories. The sale is expected to close during the first half of2014 pending customary regulatory approvals.
GLS/Vinyls is a leading supplier of polyvinyl butyral and ionomer sheets for safety
glass, and vinyl acetate monomer and polyvinyl alcohol (PVA) products used in a variety ofarchitectural, automotive and industrial applications. GLS/Vinyls delivered full-year 2012 net salesof more than US$500 million. It has about 600 employees with six manufacturing sites in the U.S.,
Europe and Asia that serve more than 350 customers worldwide.
Keiji Murakami, president of Kuraray’s Vinyl Acetate Company said, “Kuraray was
one of the first to successfully industrialize and globally market PVA. As a pioneer of Vinyl Acetate
related business, Kuraray has a global presence in the business area of PVA resin, PVB resin and film,
PVA film that is used for LCD and detergent unit packing, EVOH (ethylene vinyl alcohol) resin(trademarked as EVAL) used for food packaging and gasoline tanks, and PVA fiber (vinylon) that isused for a substitute of asbestos and a reinforcing material of cement.
“We will benefit from DuPont’s talented global GLS/Vinyls team and theirtechnology, R&D, manufacturing and sales network that has supported it over the years. I am
convinced these areas of expertise will allow us to continue to expand our Vinyl Acetate businessgoing forward,” said Murakami.
“GLS/Vinyls will have a good home with Kuraray. That company’s focus on PVA as acentral part of its core Vinyl Acetate business, its strong global market position and its capacity toinvest in GLS/Vinyls all make this a good fit,” said William J. Harvey, president, DuPont Packaging &Industrial Polymers.
Kuraray was established in 1926. In 1950, the company achieved a corporate
milestone as the first in the world to bring polyvinyl alcohol synthetic fiber to market. In subsequent
years, Kuraray used its proprietary technology in the area of polymer chemistry and synthetic
chemistry to develop resins, chemicals, fibers and textiles and others. Kuraray has overseas
subsidiaries in 19 countries and regions outside Japan, as a global specialty chemical company. For
more information, visit the company’s website at www.kuraray.co.jp/en

DuPont has been bringing world-class science and engineering to the globalmarketplace 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 www.dupont.com.
Forward-Looking Statements: This news release contains forward-looking statements which may be identified by theiruse 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, outcome ofcontingencies, such as litigation and environmental matters, expenditures and financial results, are forward-lookingstatements. Forward-looking statements are not guarantees of future performance and are based on certain assumptions andexpectations 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; significant litigationand 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 andcurrency 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; and successful
integration of acquired businesses and separation of underperforming or non-strategic assets or businesses. The company
undertakes no duty to update any forward-looking statements as a result of future developments or new information.

# # #11/21/13

November 21, 2013
Kuraray Co., Ltd.

Acquisition of VA related business from DuPont
Kuraray Co., Ltd. (“Kuraray”, or “the Company”) today reached to an agreement andconcluded a Sale and Purchase Agreement to acquire the Vinyl Acetated related business (“VArelated business”) which consists of vinyl acetate monomer (VAM), Poval (PVA) resin, polyvinyl
butyral (PVB) resin and film from E. I. du Pont de Nemours and Company (“DuPont”, or “theSeller”) (“the Acquisition”). The completion of the Acquisition is targeted in the first half of 2014,
pending customary regulatory approvals including anti-trust clearance.
1．Purpose for the Acquisition
Kuraray executes the Acquisition as part of its expansion plan in VA related business, which
is one of its core businesses.
Ahead of its global competitors, Kuraray successfully industrialized PVA resin and it has aleading global presence in PVA resin which applies vinyl acetate as its raw material, Poval film,
PVB resin and film, EVOH (ethylene vinyl alcohol) resin which is trademarked as EVAL, andPVA fiber (vinylon). Through the Acquisition, the fusion of the technology, R&D, sales
capabilities, and manufacturing and sales network with DuPont is the key driver of Kuraray’s
sustainable growth.
2．Summary of the Acquisition
Kuraray is set to acquire all the assets of VA related business from DuPont and the summaryis as follows:（1）

Target BusinessBusiness of DuPont related to the manufacture and sale of Vinyl
Acetate related products (VAM, PVA, PVB etc.)
Manufacturing Sites:
United States: 3 locations (Texas, North Carolina, and West
Virginia)（2）

Location

Europe: 2 locations (Germany, and the Czech Republic)
Asia: 1 location (South Korea)
In addition, there are offices (sales office, etc.) in North and Latin
America, Europe, Japan, South Korea, China and other regions.

（3）
（4）

Number of Employees

Approximately 600

Financial

Net Sales: Approximately $550 million in FY2012

Performance ofNote 1 : The figure is provided by DuPont (unaudited)1

Target Business

Note 2 : Profit figures are not disclosed due to the difficulty of allocating the accurate
profit to the target business which is carved out from DuPont's reporting segment.

（5）

Acquisition Price andPayment

Acquisition price is expected to be US $543 million, plus the value ofthe inventories.
Kuraray will pay the consideration by cash on hands.

Note : The total assets and liabilities of the target business is not disclosed due to the difficulty of assigning anappropriate value to the majority of the carved out assets, such as the manufacturing lines in the shared facilities,
at this moment. The figures will be disclosed when the assessment has been completed.

3．Profile of the Seller（1）Company Name

E. I. du Pont de Nemours and Company（2）

Location of theWilmington, DE (United States)

Headquarter（3）

Key Management

Ellen J. Kullman , Chair of the Board & CEO（4）

Description of the Business（5）

Capital Fund$543 million（6）

Year of Establishment

1802

（7）

Net Asset$10,299 million (As of Dec 31, 2012)（8）

Total Asset$49,859 million (As of Dec 31, 2012)

Supplying of products, technology and services based on
scientific technology

CapitalRelationships
Human
Relationships（9）

Relationship between
Kuraray Group

Business
Relationships
Relationships
as RelatedParties

No notable capital relationships between
Kuraray / Kuraray affiliated companies
No notable human relationships between
Kuraray / Kuraray affiliated companies
Limited business relationship in procurement of
raw materials exists between Kuraray / Kurarayaffiliated companies. The amount is immaterial
This company / this company’s affiliatedcompanies are not regarded as an related party
with Kuraray

4．Timeline
（1）

（2）

Date of Signing
Anticipated Timingof Closing

November 21st, 2013
First half of 2014
Note: Pending customary regulatory approvals including anti-trust clearance in USAand so on.

Note: At the board of directors meeting held on September 11, 2013, the resolution was passed to the effect that the final decision on
this transaction and agreements related thereto shall be made at the disc retion of Fumio Ito, Representative Director andPresident of Kuraray, to the extent not inconsistent with such resolution.
th

Subsequently, the details of the negotiation process

were reported at the board of directors meeting on November 20 , 2013, and Fumio Ito made the final decision on the2sttransaction and reached to the agreements on November 21 , 2013.

5．Accounting Treatment
This transaction will be treated as an acquisition for accounting purposes.
Positive goodwill is expected to arise through this transaction. However, the exact value is still in
the process of assessment. Details will be disclosed once the value has been fixed.
6．Financial Impact
Since the closing is expected to be in the first half of 2014, there is no financial impact on theFY2013. The impact to FY 2014 and thereafter is currently being estimated.

(Reference) Consolidated financial outlook for FY2013 and result for FY 2012
(unit: millions of JPY)Net Sales
Outlook for FY 2013
（April 1, 2013 – March 31, 2014）
Result for FY 2012
（April 1, 2012 – March 31, 2013）

Operating

Ordinary

IncomeIncomeNet Income

420,000

55,00053,50032,000369,431

49,197

48,59028,7983