E. I. du Pont de Nemours and Company
) announced that it has inaugurated its new Innovation Center in
Johnston, Iowa. The Innovation Center is the second in the U.S.
and twelfth in the world. The facility will cater to the needs of
the growing population and will reduce reliance on fossil
The centre focuses on extending its research into new products
pertaining to the food, agriculture and energy value chains. The
center has a 3,500 square foot space and is bestowed with the
latest company technology, applications and products that are
created to meet the world's biggest challenges, including food
security, energy and protection. The Innovation Centers are
launched largely with the objective of utilizing global science
capabilities so that they can cater to the local needs.
At the Johnston Innovation Center, there is a facility which
creates a unique environment for alliance among more than 10,000
DuPont scientists and engineers with customers, government
officials, academics and business partners around the world.
In addition, DuPont also announced two additional projects at
Iowa to meet the growing demand of the world. DuPont Pioneer, the
agriculture business arm of DuPont, will break ground on a new
research facility, Beaver Creek II, in Johnston by the end of
2013. The project is expected to add 100 new jobs to the Des
Moines metro area.
The second project that DuPont plans to invest in is located
in Nevada, Iowa commercial cellulosic ethanol production
facility. With an investment of over $200 million in the project,
the company is expected to provide employment to over 1,000
workers for the construction of the facility. Moreover, DuPont
expects to add about 60 full time jobs at the facility and
involve hundreds of farmers who will supply the stover to the
facility upon completion.
DuPont beat expectations in the first quarter of 2013, driven
by strong corn seeds and crop protection products sales. The
company posted adjusted earnings from continuing operations of
$1.56 per share for the quarter, topping the Zacks Consensus
Estimate of $1.54. The adjusted earnings exclude one-time items
including charges of $35 million associated with customer claims
related to the use of an herbicide and a tax-related gain.
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Including one-time items, DuPont reported earnings from
continuing operation of $1.47 per share in the quarter compared
with $1.48 earned in the prior-year quarter. Consolidated net
income, as reported, more than doubled year over year to $3.35
billion or $3.58 per share from $1.49 billion or $1.58 per share
a year ago.
Net sales rose 2% year over year to $10,408 million, as higher
sales volumes and pricing was offset by a negative currency
impact. Sales beat the Zacks Consensus Estimate of $10,378
DuPont, carries a Zacks Rank #3 (Hold). Other companies in the
chemical space that are worth considering include
Cytec Industries Inc.
). All the companies retain a Zacks Rank #2 (Buy).