DuPont DD declared that its business unit – DuPont Protection Technologies – has signed extrajudicial settlement agreements in two counterfeit situations that involved the supply of fake DuPont Nomex protective apparel to the oil and gas industry in Southeast Asia and Central Europe. Financial details of the agreement were not disclosed.
The breach of DuPont’s trademark and mislabeling of protective apparel had put the safety of industrial workers in the regions at stake. DuPont looks forward to successfully settle both the cases to make sure that safety standards are met and this forgery of protective apparel does not recur in the future.
Safety Depot of Indonesia has admitted to selling fake products that infringed upon DuPont trademarks, including DuPont Nomex protective apparel, to the oil and gas industry through its outlets. Moreover, according to an agreement signed on Jun 1, 2015, Safety Depot was compelled to stop using all DuPont brands, remove DuPont’s label from existing inventory and send out a public apology.
Another case was brought against a maker of protective apparel in Slovakia that sold garments marked with the label “NOME” and claiming to be made of 93% Nomex fiber. The garments were later found to contain no Nomex fiber. Consequently, a settlement was signed on Mar 20, 2015, preventing the manufacturer from using the NOME mark owing to its puzzling similarity with DuPont’s Nomex brand. The companies have further agreed to stop all infringing use of DuPont’ Nomex brand, and demolish all related misleading labels.
All purchasers have been requested to confirm that the supplier is a DuPont authorized customer or licensee.
DuPont’s Nomex brand is reputed worldwide for supplying thermal protection for decades. Nomex fiber is well-known for providing protective apparel with lightweight, superior thermal protection, breathability for reduced heat stress, and the ability to effectively absorb moisture.
Workers across the manufacturing, chemical, oil and gas, utility, and mining industries, as well as emergency response and armed forces personnel, are dependent on its thermal protection for their personal safety. Additionally, Nomex is used in mass transit systems, wind energy, transformers, filtration, hoses and aircraft.
DuPont currently carries a Zacks Rank #3 (Hold).
Better-ranked chemical stocks include LyondellBasell Industries N.V. LYB, Stepan Company SCL and Trecora Resources TREC, all sporting a Zacks Rank #1 (Strong Buy).
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