DES MOINES, Iowa, June 2, 2010 - DuPont has entered into agreements to acquire AgVenture, Kentland, Ind.; Hoegemeyer Hybrids, Hooper, Neb., and NuTech Seed, Ames, Iowa; as part of its Pioneer Hi-Bred business' PROaccessSM strategy. Closings are scheduled to occur in the latter part of 2010. Terms were not disclosed.
"We have unique agreements with each of our PROaccessSM distributors. For these three seed companies, solidifying our relationship through acquisition will improve their ability to serve their customers' needs," said Paul E. Schickler, president - Pioneer Hi-Bred.
The innovation breadth and depth of Pioneer research and development will strengthen the already robust businesses and customer relationships of AgVenture, Hoegemeyer Hybrids and NuTech Seed. The companies have exciting growth opportunities reachable by expanding product choices for growers in geographies where they operate.
"The PROaccessSM strategy continues to be part of our ongoing commitment to expand the availability of Pioneer's unique, elite seed genetics using Pioneer-owned brands distributed through alternative routes to market. Ultimately, this will result in growers having more choices for high-performing products to increase their yields and income," said Schickler.
The three seed companies will continue to sell products under the Pioneer-owned trademarks following closing:
• AgVenture - VPMaxx® brand corn hybrids and soybean varieties.
• Hoegemeyer Hybrids - HPT® brand corn hybrids and soybean varieties.
• NuTech Seed - G2® brand corn hybrids and soybean varieties.
"These three companies are well-regarded and have strong histories of providing valuable solutions," Schickler said. "Over the past two seasons, grower demand for corn hybrids and soybean varieties distributed under the Pioneer-owned trademarks VPMaxx®, HPT® and G2® demonstrates that growers want a diverse line of genetics and expanded product choices. We will continue to use our extensive germplasm base to bring unique and regionally adapted products for this channel."
First introduced in December 2008, the PROaccessSM strategy enables Pioneer to make available its seed genetics to more growers through a network of distributors. Pioneer will continue to maintain and grow its PROaccessSM distribution agreements with other independent seed companies as previously announced:
• Beck's Hybrids, Atlanta, Ind., distributor of XLTM brand corn hybrids and soybean varieties.
• Burrus Hybrids, Arenzville, Ill., distributor of Power Plus® brand corn hybrids and soybean varieties.
• Doebler's Pennsylvania Hybrids, Inc., Jersey Shore, Pa., distributors of RPM® brand corn hybrids.
• Seed Consultants, Inc., Washington Court House, Ohio, distributor of Supreme EX® brand corn hybrids and soybean varieties.
• Terral Seed, Lake Providence, La., agent for distribution of REV® brand corn hybrids and soybean varieties.
Pioneer also sells a complete lineup of corn and soybean seed under Curry® brand seed.
Pioneer Hi-Bred, a DuPont business, is the world's leading source of customized solutions for farmers, livestock producers and grain and oilseed processors. With headquarters in Des Moines, Iowa, Pioneer provides access to advanced plant genetics in nearly 70 countries.