25 April 2002 22:14 [Source: ICIS news]
TORONTO (CNI)--DuPont Canada is looking at further acquisitions in the food, safety and polymer processing segments following its $333m (Euro366m) acquisition of Ohio-based Liqui-Box last month, officials said Thursday.
Chairman, president and chief executive officer Dave Colcleugh told media and analysts here today: "We are looking for growth businesses, embryonic businesses, and joint ventures and acquisitions in those segments."
DuPont Canada will grow both in Canada and internationally, Colcleugh added, noting that the company has amble cash reserves for further deals, and no debt.
Said Colcleugh: "Our balance sheet is one of the strengths of the company, which will give us flexibility in the future."
Commenting on the Liqui-Box acquisition, Colcleugh said DuPont will integrate the company within 100 days after regulatory and Liqui-Box shareholder approvals, which are expected before the end of the second quarter.
Separately, Colcleugh noted that this year will be "pretty good" for DuPont Canada as customer inventories are low.
Said Colcleugh: "Inventories at our major customers are pretty clear, so we are optimistic that the first quarter increase was real."
DuPont Canada earlier today reported a 7% year-on-year rise in both net earnings and revenues.
DuPont Canada’s stock was down 3.6% at Can$26.5 ($17/Euro18.7) in late afternoon trading today at the Toronto Stock exchange. Its 52-week high and low are Can$28.5/share and Can$18.5/share, respectively.
Mississauga, Ontario-based DuPont Canada is majority owned by DuPont of the US.
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