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 Sep. 16, 2010 Source: DuPont news release DuPont business Pioneer Hi-Bred and Pannar Seed (Pty) Limited, a South African-based seed company with operations throughout Africa and other parts of the world, today announced an agreement for Pioneer to purchase a majority share of Pannar. Financial terms were not disclosed for the agreement, which is subject to review by the South African Competition Commission and other countries' regulatory agencies. Pending regulatory approvals, the deal is expected to close in early 2011. Pannar management, employees, facilities and brands will be retained. "This is good news for our customers, for our employees and for South Africa," said Brian Corbishley, chairman of Pannar. "Pioneer is the ideal partner for the long-term growth of our business. They'll help us meet our customers' increasing needs for better and higher-yielding products and services." "Our respect for Pannar, their people and their products runs deep," said Paul E. Schickler, president of Pioneer. "Together with Pannar, we can increase investments in innovative products and services for farmers across Africa. This will enhance productivity, improve food security, and grow our businesses." The investment will allow each business to access additional crop areas, reach more customers and deliver improved seed products quicker than either can do on its own. Pannar receives access to Pioneer's genetics library and its maize breeding and biotechnology capabilities which will benefit its African operations and its businesses in the United States and Argentina. Pioneer will tap into Pannar's expertise and reach across Africa and its maize genetics developed specifically for the region. With approximately 75 million acres (30 million hectares) available for maize production, Africa represents a significant opportunity for improved productivity. Average grain yields are just one ton per hectare, less than one-third of what is achieved in other developing regions and only one-fifth of yields in developed countries. In addition, maize seed demand is strong and growing. In South Africa alone, annual hybrid maize seed sales total about U.S. $250 million. This investment is part of the DuPont strategy to deliver innovations that address some of the world's most important challenges, including the need for increased food production to feed the world's growing population. In 2009, DuPont invested more than U.S. $700 million in research and development for increased food quantity and improved food quality. Pannar Seed Limited was founded in 1958 in Greytown, South Africa, an agricultural community situated in KwaZulu-Natal, on the eastern seaboard of South Africa. Pannar is a South African based seed business with operations throughout Africa and internationally. It has its own seed businesses in nine countries in Africa, including South Africa, and sells through established marketing networks into nine other African countries. In addition to its extensive research infrastructure in Africa, it also conducts research and commercial activities in the U.S. and Argentina and has a genetics licensing business in Europe. Tweet |
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