Strong Pipeline and Superior Distribution System Will Continue to Fuel Growth and Generate Cash
NEW YORK, Feb. 10 /PRNewswire-FirstCall/ -- DuPont Group (NYSE: DD) Vice President James C. Borel said today he expects DuPont business Pioneer Hi-Bred to grow its global seed corn market share by at least 1 to 2 points in 2009 and he committed to grow compounded annual earnings for the DuPont Agriculture & Nutrition segment an average of at least 15 percent over the next five years.
"The DuPont Agriculture & Nutrition businesses are winning in the marketplace," Borel said at the Goldman Sachs 13th Annual Agricultural Biotech Forum. "We just came off a record year and our pipeline, products, people and unique distribution systems are aligned to fuel our growth well into the future."
Seed Market Share
Borel said robust seed orders point to global seed corn market share growth. "Our order books are full throughout key markets in the Northern Hemisphere while Latin America, Africa and Asia are poised to make big gains thanks to new products and traits," he said.
He attributed the growth to strong product performance in 2008 coupled with enhancements to its industry-leading distribution system, including the hiring of more than 700 sales personnel in North America.
In Brazil, the world's third largest corn market, Borel said Pioneer is better positioned than anyone to capitalize on the recent registration of Herculex(R) insect protection. "Brazilian farmers have been looking for a solution like Herculex(R) to increase their yields and reduce the number of times they need to spray for insects."
Borel explained that the introductions of DuPont(TM) Rynaxypyr(R) insecticide and Y Series soybeans in 2008 were just the be
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