Agreements to acquire three PROaccess℠ distributor seed companies announced.
Des Moines, IA (Vocus) June 2, 2010 -- DuPont has entered into agreements to acquire AgVenture, Kentland, Ind.; Hoegemeyer Hybrids, Hooper, Neb., and NuTech Seed, Ames, Iowa; as part of its Pioneer Hi-Bred business’ PROaccess℠ strategy. Closings are scheduled to occur in the latter part of 2010. Terms were not disclosed.
“We have unique agreements with each of our PROaccess℠ distributors. For these three seed companies, solidifying our relationship through acquisition will improve their ability to serve their customers’ needs,” said Paul E. Schickler, president – Pioneer Hi-Bred.
The innovation breadth and depth of Pioneer research and development will strengthen the already robust businesses and customer relationships of AgVenture, Hoegemeyer Hybrids and NuTech Seed. The companies have exciting growth opportunities reachable by expanding product choices for growers in geographies where they operate.
“The PROaccess℠ strategy continues to be part of our ongoing commitment to expand the availability of Pioneer‘s unique, elite seed genetics using Pioneer-owned brands distributed through alternative routes to market. Ultimately, this will result in growers having more choices for high-performing products to increase their yields and income,” said Schickler.
The three seed companies will continue to sell products under the Pioneer-owned trademarks following closing:
-- AgVenture - VPMaxx® brand corn hybrids and soybean varieties.
-- Hoegemeyer Hybrids - HPT® brand corn hybrids and soybean varieties.
-- NuTech Seed - G2® brand corn hybrids and soybean varieties.
“These three companies are well-regarded and have strong histories of providing valuable solutions,” Schickler said. “Over the past two seasons, grower demand for corn hybrids and soybean varieties distributed under the Pioneer-owned trademarks VPMaxx®, HPT® and G2® demonstrates that growers want a diverse line of genetics and expanded product choices. We will continue to use our extensive germplasm base to bring unique and regionally adapted products for this channel.”
First introduced in December 2008, the PROaccess℠ strategy enables Pioneer to make available its seed genetics to more growers through a network of distributors. Pioneer will continue to maintain and grow its PROaccess℠ distribution agreements with other independent seed companies as previously announced:
-- Beck’s Hybrids, Atlanta, Ind., distributor of XL™ brand corn hybrids and soybean varieties.
-- Burrus Hybrids, Arenzville, Ill., distributor of Power Plus® brand corn hybrids and soybean varieties.
-- Doebler's Pennsylvania Hybrids, Inc., Jersey Shore, Pa., distributors of RPM® brand corn hybrids.
-- Seed Consultants, Inc., Washington Court House, Ohio, distributor of Supreme EX® brand corn hybrids and soybean varieties.
-- Terral Seed, Lake Providence, La., agent for distribution of REV® brand corn hybrids and soybean varieties.
Pioneer also sells a complete lineup of corn and soybean seed under Curry® brand seed.
Pioneer Hi-Bred, a DuPont business, is the world’s leading source of customized solutions for farmers, livestock producers and grain and oilseed processors. With headquarters in Des Moines, Iowa, Pioneer provides access to advanced plant genetics in nearly 70 countries.
DuPont 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 approximately 80 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. The company does not undertake to update any forward-looking statements as a result of future developments or new information. 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.
The DuPont Oval Logo, DuPont™, The miracles of science™, PROaccess℠, Curry®, VPMaxx®, XL™, Power Plus®, RPM®, HPT®, G2®, Supreme EX® and REV®are registered trademarks or trademarks of DuPont or its affiliates.
VPMaxx®is distributed by AgVenture, Inc.
XL™ is distributed by Beck’s Hybrids.
Power Plus® is distributed by Burrus Brothers.
RPM® is distributed by Doeblers PA Hybrids.
HPT® is distributed by Hoegemeyer Hybrids.
G2® is distributed by NuTech Seed, LLC.
Supreme EX® is distributed by Seed Consultants, Inc.
REV® is distributed by Terral Seed.
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