DuPont today announced that it plans to restructure its $2 billion Crop Protection business to address intensely competitive market conditions and position the business for future growth.

The business intends to consolidate its manufacturing capacity and refocus its research and development programs and marketing activities, resulting in the elimination of approximately 800 jobs. Affected positions and locations have not yet been determined. Estimated annual pre-tax savings of approximately $200 million are expected to begin accruing in the fourth quarter of 1999. DuPont expects to record a non-recurring charge in the third quarter for employee separation costs associated with the restructuring. Potential asset write-offs are currently under review.

"We're taking these actions to keep DuPont ahead of the incredibly fast-paced and ever changing global agricultural marketplace,'' said Chairman and CEO Charles O. Holliday, Jr. "These difficult but necessary actions will enable the crop protection business to provide an even stronger base in support of the other parts of our agricultural enterprise, specifically Nutrition & Health and the impending merger with Pioneer Hi-Bred International.

"We must maintain a competitive cost structure in our crop protection business while focusing our resources on the successful introduction of three new products and achieving synergies with Pioneer,'' Holliday said.

DuPont Crop Protection employs 5,500 people in 40 countries. It sells herbicides, fungicides, and insecticides to the corn and soybean, cereals, and specialties markets.

DuPont is a science company, delivering science-based solutions that make a difference in people's lives in food and nutrition; health care; apparel; home and construction; electronics; and transportation. Founded in 1802, the company operates in 65 countries and has 92,000 employees.

Company news release
N1906