Business Segment Positioned for Double-Digit Growth in 2008 and into Next Decade
DES MOINES, Iowa, Dec. 3 /PRNewswire-FirstCall/ -- DuPont Group Vice
President J. Erik Fyrwald today said that the company's Agriculture &
Nutrition business platform is on track with its previously announced August
financial forecast for the full year 2007, positioning the business for solid
2008 financial performance. Fyrwald's comments came during a business review
series conference call with investment analysts.
"DuPont Agriculture & Nutrition is on track to increase revenue and
earnings by more than 10 percent this year," Fyrwald said. He noted that the
biggest gains are coming from an anticipated 15 percent increase in seed sales
by the Pioneer Hi-Bred business, based on increased global corn acres and
strong results from international operations.
"With our positive momentum in North America and around the world, we are
targeting to generate double-digit earnings growth through the foreseeable
future," Fyrwald said. "Our rich product pipeline will continue to feed that
growth with the release of new technologies each year."
The company is on track to launch Rynaxypyr(TM) insecticide and disease
resistant corn in 2008; Optimum(TM) GAT(TM) soybeans and high oleic soybeans
in 2009, and; Optimum GAT corn in 2010. Other key traits that will follow
include drought tolerance, increased yields and nitrogen use efficiency.
DuPont introduced Accelerated Yield Technology (AYT(TM)) in soybeans in 2007.
Fyrwald outlined the company's plan to continue growing its Agriculture &
Nutrition businesses. In addition to growth from robust research pipelines at
its Crop Protection and Pioneer businesses and majority-owned joint venture
Solae, DuPont expects significant growth gains in Latin America, Europe,
Africa and Asia.
"DuPont has been aggressively establishing businesses and business
relationships in key markets around the world," Fyrwald said. "While we will
grow our business in North America, the fastest growth will come from key
emerging markets like Brazil, India, eastern Europe and China."
DuPont also announced a joint venture with a Chinese biotech research firm
to strengthen its trait discovery research efforts and expand its seed
presence in the Chinese market.
A replay of today's conference call can be found at the Investor Center on
the company's website at http://www.dupont.com.
DuPont (NYSE: DD) 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.
Forward-Looking Statements: This news release contains forward-looking
statements based on management's current expectations, estimates and
projections. All statements that address expectations or projections about
the future, including statements about the company's strategy for growth,
product development, market position, expected expenditures and financial
results are forward-looking statements. Some of the forward-looking
statements may be identified by words like "expects," "anticipates," "plans,"
"intends," "projects," "indicates," and similar expressions. These statements
are not guarantees of future performance and involve a number of risks,
uncertainties and assumptions. Many factors, including those discussed more
fully elsewhere in this release and in DuPont's filings with the Securities
and Exchange Commission, particularly its latest annual report on Form 10-K,
as well as others, could cause results to differ materially from those stated.
These factors include, but are not limited to changes in the laws,
regulations, policies and economic conditions of countries in which the
company does business; competitive pressures; successful integration of
structural changes, including acquisitions, divestitures and alliances;
research and development of new products, including regulatory approval and
market acceptance, and seasonality of sales of agricultural products.
