DuPont in bolt-on acquisition mode - CEO

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 China and India, said Holliday.

“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)

To discuss issues facing the chemical industry go to ICIS connect

By: Joseph Chang
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly