DuPont Gets Boost From Farmers With Dow Merger Set to Close
DuPont Co. got a boost from U.S. farmers as it closes in on the historic $75 billion merger with Dow Chemical Co. next month, reports Jack Kaskey on Bloomberg.com.
Seed sales climbed in the second quarter as DuPont introduced new varieties of soybeans in North America, while pesticide revenue jumped on demand for new fungicides and insecticides, the company said in a statement Tuesday.
DuPont is benefiting as North American farmers sow a record soybean crop after enduring years of low corn prices. U.S. growers are on course to increase soybean acreage 7 percent this year, according to the Department of Agriculture. Seed gains drove an 11 percent increase in farm-related earnings, accounting for more than half of total profit at DuPont.