DuPont (DD) Inaugurates ASEAN Headquarters in Singapore
Chemical giant DuPontDD is committed to applying and developing superior technology in the developing regions of the world. In line with this effort, the company has opened its ASEAN (Association of Southeast Asian Nations) headquarters in Singapore.
The office and technology center was inaugurated by DuPont's Senior Vice President and Chief Science & Technology Officer, Douglas Muzyka, and Singapore Economic Development Board's Managing Director, Yeoh Keat Chuan. The science and technology hub provides the ideal environment for a company devoted to scientific innovation.
DuPont has operated in the ASEAN region for over 43 years, beginning with its operations in Singapore. The co-location of business leaders with scientists and engineers makes the city an ideal choice for the company which aims to take advantage of the region's high growth potential. Singapore provides a strong research foundation and good connectivity to the rest of the ASEAN region.
Recently, DuPont also launched its first Thermo-Man facility for Asia Pacific in the city. The facility will test the exposure of a garment to a flash fire and facilitate collaboration between DuPont and garment manufacturers for innovative safety designs and materials. These expansion activities in the area have helped the company deliver on its commitment to bring world-class technology to Singapore.
The ASEAN region, an important economic zone for DuPont, has consistently delivered a high growth rate. With the new 11,000 square-meter headquarters, the region now has 8 offices and 13 production plants to cater to customers there. The head office will accommodate offices for the bio-sciences, agriculture and advance materials segments. Nutrition and health laboratories will also be part of the structure.
The company is confident of progress in the region and is well poised to maximize returns. The region hosts above 620 million people, with a rapidly increasing knowledge base. The company's dominance in the ASEAN technological center is crucial for it to gain a competitive advantage in the market.
DU PONT (EI) DE Price
DuPont's shares closed around 0.7% lower at $67.90 last Thursday.
DuPont reported adjusted earnings of $1.26 per share in the first quarter of 2016, outpacing the Zacks Consensus Estimate of $1.02. Earnings were aided by cost saving plans. Sales of $7.4 billion for the reported quarter also beat the Zacks Consensus Estimate, despite currency headwinds and lower volumes. The company is undertaking an aggressive restructuring program this year, with numerous cost-cutting actions, including the layoff of 10% of its workforce.
DuPont currently holds a Zacks Rank #2 (Buy).
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