Profile:Du Pont

Credit rating
PAT margin (%)
Conservative and relies on internal accruals for funding
Share of pignments in total sales (%)
Expected sales growth up to 1985
Sales price /ton
Profile:Nearest competitor
PAT margin
Pigments account for a major share
Debt-driven capital structure
More sensitive to economic flactuations

AAA
8.1
4.1
2.7%
454.5
2.49

Income Statement
Sales
Net income
Cash flow from operations
EPS
DPS
Average shares outstanding
Balance sheet
Net working capital
Net property plant and equipment
Total assets
Total debt
Shareholders equity
Total capital
Book value per share
Market value per sharea
Capital sources
Cash flow retained
External equity financing (net)
Debt financing (net)
Total capital added

1971
3,848
357
727
7.33
5.00
47,281

1970
3,618
334
684
6.86
5.00
47,257

1969
3,632
356
677
7.62
5.25
47,076

1968
3,455
372
659
7.99
5.50
46,285

1967
3,079
314
583
6.73
5.00
46,158

1971
1,221
2,002
3,999
307
3,095
3,402

1970
1,100
1,923
3,740
216
2,964
3,180

1969
1,107
1,803
3,453
186
2,854
3,040

1968
996
1,738
3,289
162
2,697
2,859

1967
874
1,724
3,071
125
2,557
2,682

60.23
143.75

57.67
113.38

55.53
133.38

53.09
162.75

50.22
163.25

480
21
91
592

438
37
30
505

423
35
24
482

394
23
37
454

308
19
67
394

Capital expenditure
Key Financial Ratios
Growth Rate (%)
Sales
Profit

454

471

391

332

454

6.36
6.89

(0.39)
(6.18)

5.12
(4.30)

12.21
18.47

(2.50)
(19.30)

Return on sales (%)

Return on Equity (%)

9.30
11.50

9.20
11.30

9.80
12.50

10.80
11.30

10.20
12.30

Current Ratio
Debt to total capital (%)
P/E multiple
MV/BV

3.50
9.00
19.60
2.40

3.60
6.80
16.50
2.00

###
6.10
17.50
2.40

3.60
5.70
20.40
3.10

3.20
4.70
24.20
3.30

Exhibit 2: Market Shares and Plant Capacities by Firms

Domestic Production Capacity
1971
1970
Capacity
Capacity
(000 t)
%
(000 t)
%
38
277
33
252
27
268
32
268
10
82
10
90
9
78
9
78
8
70
8
70
5
39
5
37
3
27
3
27
18
100
841
100
840

1972 Est.
Capacity
(000 t)
%
DuPont
325
30
NL Industries
230
32
Americans Cyanamid
90
11
SCM
75
9
Gulf & Western
70
8
Kerr-McGee
45
4
Sherwin Williams
25
3
PPG
2
Total US firms
860
100
Imports
Total
860
100
841
100
840
100
Source: Federal Trade Commission, In the matter of E. I. du Pont de Nemours & Co., Docket No. 910B, C
a
Excluded exports
b
Thousands of tons shipped
c
Dollar value of shipments

Exhibit 3: TiO2 Production by Firm and Type of Process, 1970 (tons 000)

1
2
3
4
5
6
7
8

DuPont
NL Industries
Americans Cyanamid
SCM
Gulf & Western
Kerr-McGee
Sherwin Williams
PPG
Total

Total
Sulfate
Chloride
production process
process
211
43
168
229
193
36
56
47
9
51
48
3
33
33
35
35
19
19
10
10
644
364
280

Source: Federal Trade Commission, In the matter of E. I. du Pont de Nemours & Co., Docket No. 910B, I
a
Differences between total production and total shipments (see Exhibit 2) represent adjustments to TiO
b

Only Du Pont had chloride process production using low-grde feedstock; all others used high-grade feedstock

Total Domestic Shipment by Firms, including Imports (000 tonnes) ab Total Domestic Shipment by Firms, including Imports
1972 Est.
1971
1970
1972 Est.
1971
Shipment
Shipment
Shipment
Shipment
Shipment
(000 t)
%
(000 t)
%
(000 t)
%
$ millions %
$ millions
220
30
222
31
206
30
100
29
98
180
25
209
30
210
31
95
28
102
80
11
72
10
53
8
40
12
30
65
9
64
9
58
9
25
7
26
60
8
26
4
30
4
30
9
11
45
6
37
5
31
5
20
6
12
30
4
26
4
21
3
10
3
12
10
1
9
1 4
680
93
666
94
618
91
320
94
295
50
7
41
6
58
9
20
6
15
730
100
707
100
676
100
340
100
310
urs & Co., Docket No. 910B, Complaint Counsel's Exhibits Nos. CX121A, B; CX223A, B; and CX222

urs & Co., Docket No. 910B, Initial Decision, p.11

ent adjustments to TiO 2 inventory.

ers used high-grade feedstock

ment by Firms, including Imports ($ millions) ac

1971
1970
Shipment
%
$ millions %
32
100
31
33
112
34
10
24
7
8
27
8
4
13
4
4
16
5
4
8
2
1
4
1
95
304
94
5
21
6
100
325
100

Year

1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985

Size of
Cost of new
market
capacity ($
(tons 000) a
per ton)

752
774
798
822
846
872
898
925
952
981
1010
1041
1072

900
927
955
983
1013
1043
1075
1107
1140
1174
1210
1246
1283

Pre-tax
operating
expenses ($
per ton) b

330
390
460
540
580
620
660
690
710
740
770
810
850

Growth Strategy
Average
DuPont
DuPont
gross
Market
Capacity
selling price Share (%)
(tons 000)
($ per ton)
540
640
750
880
950
1010
1070
1130
1190
1250
1310
1370
1430

35
40
47
47
51
52
52
55
58
59
61
62
64

350
375
400
421
443
475
505
530
552
579
616
645
685

Maintain Strategy
Average
DuPont
DuPont
gross
Market
Capacity
selling price Share (%)
(tons 000)
($ per ton)
555
665
760
890
955
1015
1070
1120
1170
1210
1270
1320
1370

35
40
45
45
45
45
45
45
45
45
45
45
45

340
350
360
370
381
392
404
416
428
441
455
468
482