DuPont Expects Big Growth for Seed Business in 2009
DuPont Vice President and Pioneer Hi-Bred President Paul Schickler said he expects the DuPont seed business Pioneer Hi-Bred to grow both its top- and bottom-line by more than 15% in 2009. His comments were made at the recent JP Morgan 4th Annual Diversified Industrials Conference.
“Our commitment to help farmers maximize their productivity and profitability – to get the right product on the right acre – is paying off for farmers and for DuPont,” Paul said. “We not only have the richest, deepest product offering, but also the ability to match those products to the specific, individual needs of our customers.”
Paul’s comments reinforced the company’s recently announced commitment to focus on meeting four emerging global trends, one of which is increasing food production.
DuPont has committed to grow compounded annual earnings for Agriculture and Nutrition by greater than 15% through 2013. Pioneer gained more than two points of the seed corn market share – the industry’s largest gain – in North America this year. It also increased its leading position in the North America soybean market by three points and gained five points of share in the Canadian canola seed market.
“Strong demand for elite Pioneer products in the Southern Hemisphere, despite an expected reduction in the total amount of corn planted, suggests a record year for Pioneer on the whole,” said Paul. “We are certainly on track with our commitment to grow our global seed corn market share by one to two points.”
Paul also said he expects the momentum to continue.
“Agriculture economic fundamentals are still strong and we have an impressive set of new products coming out of research for 2010 and beyond,” Paul said. “Our team is out in the field, talking to customers and we like what we are hearing.”
Paul’s presentation is available in the DuPont Investor Center.
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