27 April 2010 18:00 [Source: ICIS news]
TORONTO (ICIS news)--DuPont expects to increase its photovoltaic (PV) sales by 50% in 2010 because of strong growth in solar industry markets in Europe, North America and parts of Asia, a company executive said on Tuesday.
The target compared with photovoltaic sales of above $550m (€413m) DuPont recorded in 2009, when it increased those sales by 25% over 2008.
"We have seen strong demand that has led us to continue our trend of growing faster than the market due to several successful new product introductions and share gains based on a strong portfolio of materials-based offerings to global leading photovoltaic cell and module manufacturers," said David Miller, president of DuPont's electronics and communications division, which includes PV.
DuPont chief executive Ellen Kullman said earlier on Tuesday her company expected its sales into photovoltaics to exceed $1bn in 2011 – one year ahead of plan. By 2014, DuPont targeted PV sales of over $2bn, she said.
Photovoltaics was the key factor behind a 73% increase in first-quarter sales to $631m in DuPont’s electronics and communications segment, the company said.
First-quarter PV demand was driven by government support measures, as well as advance buying ahead of an expected reduction in Germany's subsidies for the PV sector, among other factors, Kullman said.
Overall, the US-based chemicals major more than doubled first-quarter net income to $1.14bn, on sales of $8.5bn, up 23% from the 2009 first quarter.
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