NEW MADRID, Mo., May 17, 2010 - DuPont business Pioneer Hi-Bred executives officially broke ground today on a $55 million parent and commercial soybean seed production plant in New Madrid County, Mo. Missouri Governor Jay Nixon participated in the event.
"Our new soybean production plant in New Madrid will strengthen our ability to meet the increasing product needs of our growers," said Paul E. Schickler, president - Pioneer Hi-Bred. "This will be a first-class production facility that will benefit our growers."
"Missouri's economic recovery continues to strengthen; and to maintain that momentum, it is vitally important that high-tech, 21st-century companies such as Pioneer Hi-Bred invest in Missouri and create new jobs for our work force," said Nixon. "Pioneer's investment in New Madrid County through its new soybean production facility further demonstrates how the strategic use of state tax incentive programs can serve as a powerful tool to help draw quality companies to Missouri, creating solid, high-paying jobs, and moving our economy forward."
The new plant is located on 129 acres of land in New Madrid County. Initial operation is expected to begin fall 2011 after construction is completed. The new plant is expected to employ approximately 50 people once it is fully operational.
As the first Pioneer seed production facility in Missouri, the new plant will primarily serve soybean growers in more southern geographies in the United States. Pioneer also has a research facility in Miami, Mo., as well, selling corn, soybean, sorghum and wheat seed in the state.
It is one of many expansions Pioneer is taking to ensure it meets rising demand for its products to help farmers meet the strong global demand for grain. Pioneer is expanding both its production and research locations in North America. In recent months, Pioneer has announced plans for new research facilities and space for 400 new research positions based in Johnston, Iowa; the Center for Dryland Research in eastern North Carolina; expansion of its research facilities in Union City, Tenn.; expansion of drought research in Manhattan, Kan., and Plainview, Texas; a new research center in Ithaca, Mich.; and expansion at Hermiston, Ore. These additional resources represent the commitment by Pioneer to provide better products for the specific needs of growers' unique operations.
Increasing food production is a priority initiative for DuPont. The company invests about half of its $1.4 billion annual research and development budget to furthering this goal.
Pioneer Hi-Bred, a DuPont business, is the world's leading source of customized solutions for farmers, livestock producers and grain and oilseed processors. With headquarters in Des Moines, Iowa, Pioneer provides access to advanced plant genetics in nearly 70 countries.
DuPont is a science-based products and services company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in approximately 80 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation.
Forward-Looking Statements: This news release contains forward-looking statements based on management's current expectations, estimates and projections. The company does not undertake to update any forward-looking statements as a result of future developments or new information. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in DuPont's filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions of countries in which the company does business; competitive pressures; successful integration of structural changes, including acquisitions, divestitures and alliances; research and development of new products, including regulatory approval and market acceptance, and seasonality of sales of agricultural products.