DuPont Acquires Full Ownership of Solae
Tues, May 1, 2012 9:02 AM EDT
Soy-Based Ingredients Leader Will Help Feed a Growing Population
WILMINGTON, Del., May 1, 2012 /PRNewswire/ -- DuPont today announced that the company has acquired from Bunge full ownership of the Solae, LLC joint venture, a soy-based ingredients leader. DuPont previously owned 72 percent of the joint venture while Bunge owned the remaining 28 percent.
"DuPont is committed to nutrition and health. This investment in Solae, along with the acquisition of Danisco last year, has significantly added to our leadership position in food ingredients," said DuPont Executive Vice President James C. Borel. "Solae's scientific expertise and market leadership in soy is a critical element in our plans to enhance the quality and quantity of food for a growing global population."
"Our customers will benefit from the full ownership of Solae as we can further increase the speed of innovation, food formulation and nutrition science capabilities across a wide range of specialty food ingredients," said DuPont Nutrition & Health President Craig F. Binetti. "Our long-term segment financial targets are to post sales of 7-9 percent CAGR and expand pre-tax earnings margins to a range of 12-14 percent. With full ownership of Solae, DuPont anticipates delivering toward the upper end of our margin targets with the planned synergies."
Solae, LLC is a world leader in developing soy-based ingredients for nutritious, great-tasting products. Solae provides solutions that deliver a unique combination of functional, nutritional, economical and sustainable benefits to our customers. Headquartered in St. Louis, Missouri, USA, the company was formed through a joint venture between DuPont and Bunge in 2003. Solae is a recipient of the 2011-2012 Ethisphere's Ethics Inside Certification and was recognized as one of the "World's Most Ethical Companies" in 2010, 2011 and 2012.
DuPont (DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment.
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