1.Launch delayed on DuPont's corn seed product
2.DuPont stock price slides on seed approval delay
EXTRACT: Part of the reason for Tuesday's bad showing of the Dow Jones Index came from DuPont Co. (item 2)
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1.Launch delayed on DuPont's corn seed product
ANDREW EDER
The News Journal, July 8 2009
http://www.delawareonline.com/article/20090708/BUSINESS/907080321/1003/Launch+de layed+on+DuPont+s+corn+seed+product
Regulatory delays in Asia have pushed back the rollout of one of DuPont Co.'s most important products in development, a corn seed genetically engineered to resist weed killers.
The company said Tuesday that its Pioneer Hi-Bred seed business would limit its introduction of corn seed with the Optimum GAT trait to "controlled releases" in 2010 and 2011.
DuPont had previously hoped for a wider commercial launch of Optimum GAT corn next year. The company said in a statement that it was changing the schedule because regulatory approvals in Japan, Taiwan and Korea were taking longer than expected.
DuPont said it anticipates Japanese approval in late 2010, with Taiwan and Korea to follow. The U.S. Department of Agriculture is on track to approve Optimum GAT corn later this year, DuPont said.
Paul Schickler, president of Pioneer, said in a statement that adjustments to regulatory approval schedules are common.
"While we are disappointed in this administratively driven schedule change, we are confident in our long-term prospects," Schickler said.
DuPont hopes the Optimum GAT trait -- which imparts resistance to two types of weed killers -- will help reduce its reliance on chief agricultural rival Monsanto Co.
DuPont licenses Monsanto's Roundup Ready technology and has $593 million remaining in expected payments to the St. Louis-based company, according to a recent financial filing. Monsanto and DuPont are locked in a legal dispute over Pioneer's use of the Roundup Ready trait in Optimum GAT seeds.
DuPont said Tuesday it was unlikely to have its line of corn seed converted to Optimum GAT by 2015. But the company reaffirmed its expectations to grow earnings in its agriculture business by more than 15 percent annually through 2013.
Contact Andrew Eder at 324-2789 or This email address is being protected from spambots. You need JavaScript enabled to view it.
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2.DuPont stock price slides on seed approval delay
Delaware Business Ledger, July 7 2009
http://www.ledgerdelaware.com/articles/2009/07/07/news/doc4a53a39400dcb458337355 .txt
Part of the reason for Tuesday's bad showing of the Dow Jones Index came from DuPont Co.
The Wilmington-based member of the closely watched stock index saw share prices drop by 4 percent in late day trading when the company disclosed government regulatory delays when it came to approving a type of corn seed produced by its Pioneer Hybrid Unit.
Iowa-based Pioneer is one reason why DuPont has fared better than many chemical companies during the current economic downturn. Agricultural product sales have held up better than many other DuPont markets, such as automotive.
DuPont downplayed the long-term impact of the delays, but expressed disappointment and so did Wall Street. DuPont also noted that all signs point to the corn seed being able to better resist herbicides and improve crop yields.