DuPont Prevails in PROaccess(SM) Arbitration with Monsanto
DES MOINES, Iowa, Dec. 15, 2011 /PRNewswire/ — An arbitration panel has ruled in favor of DuPont in a dispute filed by Monsanto in May 2009. In the arbitration, Monsanto alleged that DuPont business Pioneer Hi?Bred’s PROaccess(SM) genetics distribution relationships breached Pioneer’s Roundup ReadyÃ‚® corn and soybean licenses with Monsanto. The arbitrators’ ruling denied Monsanto’s claims for damages and for injunctive relief. The written decision is confidential.
“Today’s ruling is good news for farmers who have shown support for choices in the marketplace by their purchases of seed through PROaccess(SM) genetics affiliates and distributors,” said Paul E. Schickler, Pioneer president. “The arbitration panel’s decision affirms DuPont’s commitment to bring choices to the farmer.”
“We are pleased to continue business as usual and put this dispute behind us,” said Schickler. “The PROaccess(SM) business is an important part of Pioneer’s success. Early season sales indicate 2012 will be another strong year for us.”
Through its PROaccess(SM) business model, launched in 2008, Pioneer has acquired seven U.S. seed companies and maintains distribution relationships with two unaffiliated U.S. seed companies.
Pioneer Hi-Bred (www.pioneer.com), a DuPont business headquartered in Des Moines, Iowa, is the world’s leading developer and supplier of advanced plant genetics, providing high-quality seeds to farmers in more than 90 countries. Pioneer provides agronomic support and services to help increase farmer productivity and profitability and strives to develop sustainable agricultural systems for people everywhere. Science with Service Delivering Success(TM).
DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit http://www.dupont.com.
Forward-Looking Statements: This news release contains forward-looking statements based on management’s current expectations, estimates and projections. The company does not undertake to update any forward-looking statements as a result of future developments or new information. All statements that address expectations or projections about the future, including statements about the company’s strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like “expects,” “anticipates,” “plans,” “intends,” “projects,” “indicates,” and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in DuPont’s filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions of countries in which the company does business; competitive pressures; successful integration of structural changes, including acquisitions, divestitures and alliances; research and development of new products, including regulatory approval and market acceptance, and seasonality of sales of agricultural products.
The DuPont Oval Logo, DuPont(TM), The miracles of science(TM), PROaccess(SM) and Science with Service Delivering Success(TM) are registered trademarks, trademarks or service marks of DuPont or its affiliates.
Roundup ReadyÃ‚® is a registered trademark used under license from Monsanto Company.