08 August 1997
DuPont, Pioneer form agricultural R&D venture
DUPONT is investing $1.7bn in an eventual 20% stake in Pioneer Hi-Bred International, an agricultural technology group based in Iowa, USA.
The two will also launch an equally-owned joint venture, Optimum Quality Grains. The partnership will bring together DuPonts agricultural products quality grains unit and Pioneers nutrition industry business. Both are based in Des Moines.
It is claimed the alliance will create one of the worlds largest agricultural research collaborations. The two companies will invest a combined $400m in agricultural research and development next year. This will include areas such as the genetic modification of corn, soybeans and oilseeds to improve yield potential. They will also look for other collaborative areas.
DuPont stressed its crop protection products, which form part of the Delaware-based DuPont Agricultural Products division, will be part of the alliance.
Pioneer is a leading supplier of hybrid seed and has more than 40% of the hybrid seed corn market in north America.