16 March 1999
DuPont buys world’s biggest seed firm

DUPONT has paid $7.7 billion (£4.76bn) to buy an outstanding 80% of Pioneer HiBred, the worlds largest seed business.

The US chemical company acquired a fifth of the company in January last year for $1.7bn, and established a joint venture, Optimum Quality Grains, to develop the business.

DuPont plans to invest more than $500m in agriculture-based research and development in the first year after its acquisition of Pioneer Hibred.

The seed company had sales last year of $1.8bn and net income of $270m.