October 1, 1999
Contact: Susan Gaffney
WILMINGTON, Del., Oct. 1 – DuPont today announced the completion of the stock and cash merger with Pioneer Hi-Bred International, Inc. Earlier today Pioneer shareholders approved the merger in which DuPont acquired the 80 percent of Pioneer not currently owned by DuPont.
The completion of this transaction is another major step in DuPont’s corporate strategy that will strengthen and accelerate the company’s capability to discover, develop and commercialize a new generation of products across the value chains for food and feed crops, food ingredients, industrial applications and nutrition science.
“Combining the talents and resources of DuPont and Pioneer will give us greater ability to bring new products to market and deliver value across the agriculture and nutrition industries, said Charles O. Holliday, Jr., DuPont chairman and CEO.
DuPont and Pioneer signed a definitive agreement on March 15 for a stock and cash merger that would result in DuPont acquiring the 80 percent of Pioneer not currently owned by DuPont. The value of the transaction is estimated to be approximately $7.7 billion.
DuPont is a science company, delivering science-based solutions that make a difference in people’s lives in food and nutrition; health care; apparel; home and construction; electronics; and transportation. Founded in 1802, the company operates in 65 countries and has 97,000 employees.