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E. I. du Pont de Nemours and Company (DuPont) (DD)
December 12, 2011 7:00 pm ET
James C. Collins - President of Industrial Biosciences
Craig F. Binetti - Chairman of Solae and President of Dupont Nutrition & Health
Thomas M. Connelly - Chief Innovation Officer and Executive Vice President of Electronic & Communication Technologies
Karen A. Fletcher - Vice President of Investor Relations
James C. Borel - Executive Vice President
Ellen Kullman - Chairman, Chief Executive Officer and Chairman of Strategic Direction Committee
David L. Begleiter - Deutsche Bank AG, Research Division
James Fitzpatrick - Princeton Capital Management, Inc.
Laurence Alexander - Jefferies & Company, Inc., Research Division
John E. Roberts - Buckingham Research Group, Inc.
Donald Carson - Susquehanna Financial Group, LLLP, Research Division
Mark R. Gulley - Ticonderoga Securities LLC, Research Division
Andrew W. Cash - UBS Investment Bank, Research Division
Jeffrey J. Zekauskas - JP Morgan Chase & Co, Research Division
Kevin W. McCarthy - BofA Merrill Lynch, Research Division
Karen A. Fletcher
Good evening, everyone. Welcome to DuPont's 2011 Investor Event. My name is Karen Fletcher, and I'll be your host.
Previous Statements by DD
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For those of you in the room, you should have received a booklet with this evening's presentations at the registration desk. So if you don't have that book, just see somebody at the back of the room. For those of you on the webcast, please refer to 2 slide decks that are on our website at investors.DuPont.com and please note that additional materials will be posted tomorrow morning.
So before we get started, I just have a couple of administrative items to cover. First, for those of you in the room, in the unlikely event of an emergency, there are 2 exit doors behind me on the stage, or you can exit through the back of the room, go up one flight of stairs and exit to your left. You don't have to go all the way to the lobby to be able to exit the building.
Tonight, we'll be making forward-looking statements. These are based on management's current expectations, estimates and projections. All statements that address projections about the future, including the company's strategy for growth, product development, market position, expected expenditures and financial results are all forward-looking statements. These statements are not guarantees of future performance and involve a number of risks and assumptions. Many factors, including those discussed more fully in reports filed by DuPont with the SEC, could cause results to differ materially from those stated. We strongly encourage you to review these filings to obtain additional information about our risk factors.
Now, it's my privilege to turn the program over to our Chair and Chief Executive Officer, Ellen Kullman.
Thank you. Thank you, Karen. I'd like to actually start a little differently. So if Karen's going to have a heart attack up here, we'll see. But we've noticed that not one of our guests here tonight actually held the handrail coming down the marble steps. So if you know DuPont, you know how serious we take, not only our own safety, but the safety of all of our guests. I personally have slid down those steps while holding on the handrail because I don't have this job for my natural grace. That wouldn't be the key criteria they use. They are slippery steps, being marble. So please, I want to send you home in the same way we got you, but with a lot more knowledge of DuPont and our strategy. So please do me a favor and hold on to the handrail. Is that okay, Karen? Karen actually approves of that.
So our theme for today's Investor Day is science powered, growth driven. And those 4 words sum up how we think about our company. Science enables innovation and is core to our competitive advantage, especially in these uncertain macroeconomic times. The breadth of our science is great across seeds, food, enzymes and advanced materials and uniquely positions us to address certain major unmet needs of a growing population. And our relentless focus on these growth opportunities means that we'll continue to expand our addressable market through new offerings, and we'll outperform our competition. Now through this, we are going to deliver compelling returns to our shareholders, and that is my commitment to you.
So tonight, we're focusing on our 2 newest segments: Nutrition & Health and Industrial Biosciences. These segments were created after the acquisition of Danisco. Each has a very strong foundation in science and a very strong foundation in market leadership position in their respective areas.
You'll hear about the exciting progress that we're making on integrating Danisco into DuPont. And what really is exciting to me, because whenever you do an acquisition, you never quite know if the assumptions that you're making in the beginning, how they'll turn out 9 months later. But we had told you that we do $130 million in cost synergies in 2013, and our commitment is that we are going to realize those cost synergies 1 year early, so we will realize those $130 million in cost synergies in 2012.
Now that performance, well ahead of schedule, is a testament to the hard work of the thousands of employees across the globe and affirms that one of the very tangible benefits of bringing these 2 companies together. So we're very excited about it. I tell you, each plant and research and development site I visit, I get even more excited about it. The people that have joined DuPont are first class, and I think they're going to really help create 2 very exciting new segments for DuPont.
So with that, I turn it over to Craig Binetti.
Craig F. Binetti
Thank you, Ellen, and good evening to those that are in the room and are joining us by webcast. I'm going to be talking about and reviewing our new Nutrition & Health business. Now for those of you that were in reception, you got a chance to taste some of our wonderful food ingredients that was in everything from the salads to the stir fries. And if you had a chance in the back of the room, you saw our product display that contains our food ingredients. And you really can see just a wide variety of products and brand names that we represent.
So what I want to review tonight is our compelling plans for this business and for you to see what a great fit this is for our company. Now as you remember, we've combined 2 world-class businesses, the Danisco specialty food ingredients with DuPont Nutrition & Health. And to size it for you, if you look at our sales on a pro forma basis, on an annual basis, it's about $3 billion in size.