By Steven Flax: Subscribe to Steven's RSS feed
June 8, 2010 11:19 PM EDT
DuPont told investors today that it had received final regulatory approval from the U.S. Department of Agriculture to begin test cultivation in the United States of a genetically altered strain of soybeans called Plenish. At the J.P. Morgan Diversified Industries Conference in New York City, the president of DuPont's Pioneer Hi-Bred subsidiary, Paul Schickler, said that the approval represented a significant milestone. "Obtaining USDA deregulation for Plenish . . . is an example of Pioneer's increased focus and capability in moving biotech traits through global regulatory systems and into farmers' fields."
Pioneer, based in Des Moines, Iowa, claims the genetically enhanced soybeans offer a number of advantages. Plenish soybeans contain the highest concentration (more than 75 percent) of oleic acid of any commercially produced soybean. That increases the stability of the oil from the soybeans and means that the oil will have no trans fats and 20 percent less saturated fat than commodity soybean oil. That is expected to make it more desirable as an ingredient to producers of foods.
The highly concentrated soybean oil may also yield industrial applications. The oil has high heat stability, which may enable it to be used as a renewable, environmentally enhanced alternative to petroleum-based lubricants, foams, and adhesives.
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The USDA approval allows Plenish-brand soybeans to be grown under contract for field testing in the U.S. and tested by major oil processors and food companies. "We continue to see solid results and strong interest from food companies looking for a soybean oil with consumer benefits," said Craig Binetti, president of DuPont's nutrition and health division.
At the same presentation DuPont's CFO Nick Fanandakis said that the company was expecting to stay on track to deliver about 20% compound annual earnings growth for 2009-2012. He also pointed out that 30% of DuPont's sales result from products that have been introduced in the last four years. That R&D should stay robust because of DuPont's more than $1.7 billion of free cash flow.
DuPont's shares certainly got a boost from Fanandakis' earnings assurances. The company's stock (NYSE:DD) lead the other components of the Dow Jones Industrial Index on a day when the index rose 123.49 points. DuPont's shares rose $1.40, a 4.1% gain to close at $35.49.
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