Profits down at Pioneer Hi-Breed

12 July 1999

Profits down at Pioneer Hi-Breed

PIONEER Hi-Breed, the US corn seed and agricultural genetics group, has blamed a depressed farm sector for a fall in after-tax profits for the nine months to May.

The company, which is due to be taken over by DuPont later this year, made $289m, down from $319m last time, on static sales of $1.7bn.

Pioneer chairman Charles Johnson blamed reduced corn plantings in North America, as well as the strong US dollar which affected non-US operations.

It maintained its share of the hybrid corn seed market, while it increased its share of the soyabean market.

DuPont owns 20% of Pioneer and is buying the remainder for $7.7bn.

• Financial Times 12/07/99 page 21 (News Digest)