Des Moines, Iowa
October 1, 1999Pioneer Hi-Bred International, Inc. will continue to
provide top-performing seed and service to farmers while playing a key role in DuPonts vision of generating value from renewable
energy sources, said the new Pioneer President and Chief Executive Officer Jerry Chicoine,
after Pioneer shareholders approved the companys merger with DuPont.
"Today is opening day for a new era of looking to nature with great respect
to discover and develop opportunities to enrich lives through plant genetics,"
said Chicoine.
"I dont think anyone can fully comprehend the expanded possibilities our
combined efforts will bring to the marketplace, but they will be tremendous.
"Our immediate attention lies with our customers. Along with the Pioneer name and
brand, our commitment to serving them will remain in the countryside. We are very focussed
on serving farmers and doing what we can to help them prepare for the year ahead,"
said Chicoine.
The merger was approved today at the special Pioneer shareholders meeting and is
expected to close later today. It brings together the most successful genetic improvement
company in the history of the world with the world leader in turning science into useful
products for consumers.
"Pioneer and DuPont will be assembling the strongest research and product development
program in the world agricultural marketplace. This will allow us to offer farmers
products that meet specific consumer demands for improved products that are made in
earth-friendly processes," said Chicoine.
The two companies already have a common culture, which includes a customer focus on
choice, enhanced product value and new market development, said Richard Goodmanson, DuPont
executive vice president and chief operating officer. "We share a vision in which we
deliver high-value products to the feed, food and bio-materials markets. Neither company
could fully develop that vision alone. Together we can deliver the miracles of
science," said Goodmanson.
"Our vision includes putting the needs of our customers first. We can be successful
only if our customers are successful. We will use science and knowledge and our commitment
to safety to create more opportunities in the industry and high value products for
consumers."
DuPont Chairman and CEO Charles O. Holliday recently announced DuPonts goal of
deriving 25 percent of its revenues by 2010 from renewable energy resources. This focus
includes providing customers expanded choices and markets in plant technology and
increasing the use of knowledge and services to create consumer value.
As a DuPont company, Pioneer will continue to operate under the Pioneer name and will
remain headquartered in Des Moines, Iowa. It has 5,000 employees worldwide.
DuPont formerly had a 20 percent equity interest in Pioneer. DuPont will have full
ownership of Pioneer following todays transaction.
Pioneer Hi-Bred International, Inc., is the worlds
leading supplier of agricultural genetics and is the leading developer and integrator of
agricultural technology. Headquartered in Des Moines, Iowa, Pioneer develops, produces,
and markets a full line of seeds, forage and grain additives and services to grain and
livestock producers, grain processors and other customers worldwide.
Founded in 1802, DuPont is a global science and technology-based company. DuPont serves
worldwide markets including food and nutrition; health care; agriculture; fashion and
apparel; home and construction; electronics; and transportation. The company operates in
more than 70 companies and has 92,000 employees.
Company news release
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