22 July 2008 17:20 [Source: ICIS news]
NEW YORK (ICIS news)--DuPont is in an acquisition mode, but will focus on bolt-on deals rather than a “massive” transaction, chairman and CEO Charles Holliday said on Tuesday.
“We are in acquisition mode with no planned divestitures,” said Holliday during DuPont’s second-quarter earnings conference call. “We like our portfolio.”
DuPont will focus its acquisition efforts in the areas of agriculture and nutrition, safety and protection and fast-growing businesses in ?xml:namespace>
“We think these opportunities will be available to us as the year plays out,” he said. “But we would not make a massive acquisition. That would be disruptive to the consistent earnings patterns we are showing.”
DuPont posted a 10.9% gain in net profit to $1.08bn (€680m) in the second quarter on 12% higher sales of $8.8bn.
Earnings per share of $1.18, which included a benefit of 7 cents from a litigation settlement and a lower tax rate, came in ahead of Wall Street consensus of $1.07.
($1 = €0.63)
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