New York, New York
February 11, 2009
DuPont Group Vice President Jim Borel spoke at the Goldman
Sachs 13th Annual Agricultural Biotech Forum in New York
yesterday. Jim said he expects DuPont business
Pioneer Hi-Bred to grow its
global seed corn market share by at least 1 to 2 points in 2009
and he committed to grow compounded annual earnings for the
DuPont Agriculture & Nutrition segment an average of at least 15
percent over the next five years.
“The DuPont Agriculture & Nutrition businesses are winning in
the marketplace,” Jim said. “We just came off a record year and
our pipeline, products, people and unique distribution systems
are aligned to fuel our growth well into the future.”
“We are excited about the growth opportunities in the
agricultural sector,” Jim said. “While not immune to the global
financial crisis, the fundamentals of the agriculture economy
are strong and DuPont is well-positioned to serve customers in
the segment.”
Jim said DuPont Agriculture & Nutrition growth in 2009 will
generate material-free cash flow. He added that platform revenue
is on track to grow 6 to 8 percent per year over the next five
years with earnings growing an average 15 percent over that same
time. Jim’s presentation is available in the DuPont Investor
Center at www.dupont.com.
February 10, 2009
Strong pipeline and superior distribution
system will continue to fuel growth and generate cash
DuPont Group Vice President James
C. Borel said today he expects DuPont business Pioneer Hi-Bred
to grow its global seed corn market share by at least 1 to 2
points in 2009 and he committed to grow compounded annual
earnings for the DuPont Agriculture & Nutrition segment an
average of at least 15 percent over the next five years.
“The DuPont Agriculture & Nutrition businesses are winning in
the marketplace,” Borel said at the Goldman Sachs 13th Annual
Agricultural Biotech Forum. “We just came off a record year and
our pipeline, products, people and unique distribution systems
are aligned to fuel our growth well into the future.”
Seed Market Share
Borel said robust seed orders point to global seed corn market
share growth. “Our order books are full throughout key markets
in the Northern Hemisphere while Latin America, Africa and Asia
are poised to make big gains thanks to new products and traits,”
he said.
He attributed the growth to strong product performance in 2008
coupled with enhancements to its industry-leading distribution
system, including the hiring of more than 700 sales personnel in
North America.
In Brazil, the world’s third largest corn market, Borel said
Pioneer is better positioned than anyone to capitalize on the
recent registration of Herculex® insect protection. “Brazilian
farmers have been looking for a solution like Herculex® to
increase their yields and reduce the number of times they need
to spray for insects.”
Product Pipeline
Borel explained that the introductions of DuPont™ Rynaxypyr®
insecticide and Y Series soybeans in 2008 were just the
beginning of a procession of product launches from the company’s
research pipeline that will continue to fuel DuPont earnings
growth.
“Our pipeline is on track to deliver industry-leading
technologies that will sustain our growth,” he said. “Many of
these technologies provide clear advantages over what others are
bringing to the market.”
Borel said that the company’s Optimum® AcreMax™ 1 insect
protection system is expected to receive reduced refuge
registration in 2009. “Pending regulatory approval, Optimum®
AcreMax™ 1 products will be the first in-the-bag insect control
solution for growers and will eliminate the need for farmers to
plant a separate corn rootworm refuge. It will allow growers to
easily comply with the U.S. Environmental Protection Agency’s
refuge management guidelines and increase their productivity.”
DuPont also will launch another industry first as early as 2009
– the first biotech soybean trait with direct consumer benefits.
High oleic soybeans will offer nutritional benefits to consumers
and functional benefits to the food industry.
Other traits in the DuPont pipeline that are on the fast track
for introduction:
- 2010 – Optimum® GAT® corn,
for improved weed control options in corn.
- 2010 – Drought Tolerance
I, a product offering with enhanced water use efficiency
traits selected through molecular breeding validated in
on-farm field trials.
- 2010/2011 – Seed
Production Technology for improved seed corn quality and
decreased seed production costs of more than 20 percent.
- 2011 – Optimum® GAT®
soybeans that enhance weed control options for soybean
growers and provide improved crop performance.
“These advancements along with our
Accelerated Yield Technology™ and elite germplasm are allowing
us to stay on track to increase corn and soybean yields 40
percent by 2018,” he said.
Borel added that a number of DuPont Crop Protection products
also are advancing through the pipeline including new weed
control options for Optimum® GAT® products, and highly effective
insecticides and fungicides.
Unique Distribution
DuPont enhanced its seed distribution network in 2008 through
the expansion of its Pioneer direct-to-customer field sales
force and its new PROaccessSM strategy. The PROaccessSM strategy
will increase Pioneer global seed market reach by getting its
seed genetics on more acres through co-brands, second brands and
investments. In the United States alone, the PROaccessSM
strategy will allow Pioneer to have access to distribution
systems that cover an additional 5 percent of corn acres.
2009 Outlook for DuPont Agriculture & Nutrition
“We are excited about the growth opportunities in the
agricultural sector,” Borel said. “While not immune to the
global financial crisis, the fundamentals of the agriculture
economy are strong and DuPont is well-positioned to serve
customers in the segment.”
Borel said DuPont Agriculture & Nutrition growth in 2009 will
generate material free cash flow. He added that platform revenue
is on track to grow by 6 to 8 percent per year over the next
five years with earnings growing by an average 15 percent over
that same time. Borel’s presentation is available in the DuPont
Investor Center at
www.dupont.com.
DuPont is a science-based products and services company.
Founded in 1802, DuPont puts science to work by creating
sustainable solutions essential to a better, safer, healthier
life for people everywhere. Operating in more than 70 countries,
DuPont offers a wide range of innovative products and services
for markets including agriculture and food; building and
construction; communications; and transportation.
The DuPont Oval Logo, DuPont™, The miracles of science™,
Rynaxypyr®, Optimum® AcreMax™, Optimum® GAT®, PROaccesSM and
Accelerated Yield Technology™ are registered trademarks,
trademarks or service marks of DuPont or its affiliates.
Herculex® Insect Protection technology by Dow AgroSciences and
Pioneer Hi-Bred. Herculex® is a registered trademark of Dow
AgroSciences LLC. |
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