Dow AgroSciences Announces Agreement to Acquire Pfister Hybrids Acquisition to Expand Dow’s Business in Midwest Corn Belt

INDIANAPOLIS and EL PASO, ILL. – July 14, 2009 Dow AgroSciences LLC announced today it is acquiring the majority of assets of Illinois-based corn company Pfister Hybrids. The addition of Pfister Hybrids will further expand Dow AgroSciences’ current U.S. seeds business as the company anticipates the introduction of SmartStax™ in 2010 and Dow AgroSciences Herbicide Tolerance (DHT) technology in corn in 2012. The transactional close is expected in the near future.

“Pfister was one of the founding seed corn companies in the Midwest, and we are proud to continue the legacy started more than seven decades ago by one of the nation’s original seedsmen Lester Pfister,” said Stan Howell, vice president, North America Regional Commercial Unit for Dow AgroSciences. “Pfister Seeds is a welcomed addition to our U.S. seed business. At Dow AgroSciences investing in innovation is the key to our future, and we look forward to building upon the Pfister tradition.”

Under the terms of the agreement, Dow AgroSciences will acquire the Pfister brand and the sales and marketing areas, as well as the warehousing and administrative services of the business. Dow AgroSciences will continue to independently market seeds under the Pfister Seeds brand, and Pfister Seeds will continue to be headquartered at its existing location in El Paso.

Linda Brown, president for Pfister, will remain with Pfister Seeds LLC as general manager. Dale Brown will continue with Pfister as the business and brand development lead, and Bill Salmi will remain as the company controller.

“I’m very pleased that the Pfister brand will continue with Dow AgroSciences,” said David Pfister, CEO, Pfister Hybrids. “The additional resources they provide will help enhance the service and support to our customers along with providing better access to new genetics and traits. I am excited that together with Dow AgroSciences, Pfister will be able to provide an excellent choice for providing Midwestern corn growers the quality seed they have come to expect.”

Lester Pfister founded Pfister Hybrid Corn Company more than 70 years ago and was one of the first seedsmen in the United States. He was recognized as “Outstanding Corn Breeder of the World” by the Museum of Science and Industry, and by 1940, 44 states and 30 countries were planting Pfister corn. His early innovations in corn breeding and production aided in the development of today’s hybrid seed corn industry.

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