June 4, 2008

DuPont to accelerate growth with innovation

DuPont will accelerate growth through innovation that addresses global macro trends related to food, safety and renewable energy, chairman and CEO, Charles O. Holliday Jr., said.

Holliday said during the Sanford Bernstein Strategic Decisions Conference that the company's very core is its scientific discovery and new product innovation.

The company has also aligned its technical capability with key external trends to drive growth faster, he added.

Holliday noted that global population growth is the common denominator driving both needs and demand in the areas of agricultural productivity, safety and security, and renewable energy.

DuPont, one of the largest producers of corn seed in the world, is using biotechnology to develop insect-resistant hybrids.

The company is currently undertaking capacity expansions to meet strong global demand for products such as DuPont Kevlar and Nomex.

DuPont is also anticipating increased demand for renewable energy sources by developing products and technologies for photovoltaics and advanced biofuels, such as cellulosic ethanol, a next generation biofuel produced from non-food sources.

Holliday said DuPont's sales into photovoltaics within five years will be over US$1 billion, up from about US$300 million today.