DuPont Expects Strong 2011 Growth for Seed Business

DuPont DD will confirm its seed business, Pioneer Hi-Bred, shows strong early financial results through volume gains and price improvements for this season during today's Deutsche Bank Global Industrials and Basic Materials Conference. "Pioneer is on pace for strong growth in its global business in 2011," said Paul E. Schickler, Pioneer president. "In North America where the planting season is coming to a close, we anticipate an increase in corn and soybean market share coupled with mid single-digit price increases, in line with our objectives." Schickler said approximately 55 percent of Pioneer's 2012 above and below ground lineup of triple-stack products containing Herculex® XTRA will be converted to AcreMax® 1 products. "The fundamentals of agriculture remain solid," said Schickler. "Last December, DuPont announced its expectations for sales and pre-tax operating margin growth through 2015 for the Agriculture & Nutrition reporting segment, which included the seed, crop protection and nutrition and health businesses. Those expectations remain unchanged as these businesses, in the aggregate, are expected to deliver sales at a compounded annual growth rate of 8 to 10 percent from 2010-15 and increase pre-tax operating margins in the range of 19 to 21 percent in the same time period."