2003/1/6

DuPont and Bunge Announce Global Alliance, Including Joint Venture to Produce and Market Specialty Food Ingredients
http://www1.dupont.com/NASApp/dupontglobal/corp/index.jsp?page=/content/US/en_US/news/releases/2003/nr01_06_03.html

DuPont and Bunge Limited today announced that they intend to form an alliance to significantly grow their agriculture and nutrition businesses. The alliance will include:

The joint venture, Solae L.L.C., will participate in the rapidly growing market for healthy and great tasting food proteins. It will provide a broad offering of soy ingredient products to better fit customer needs, including textured vegetable proteins, soy concentrates and isolates and specialty lecithins. DuPont will contribute its Protein Technologies food ingredients business for a majority interest in the joint venture. In exchange for its specialty food ingredients businesses, Bunge will receive a 28 percent interest in the joint venture plus an estimated $260 million in cash, to be funded by joint venture debt, and will have the right to increase its ownership to 40 percent based upon a pre-agreed formula.

Bunge Limited ( http://www.bunge.com ) is an integrated, international agribusiness and food company operating in the farm-to-consumer food chain with worldwide distribution capabilities and primary operations in North America, South America and Europe.

2012/5/1 DuPont

DuPont Acquires Full Ownership of Solae
     Soy-Based Ingredients Leader Will Help Feed a Growing Population

DuPont today announced that the company has acquired from Bunge full ownership of the Solae, LLC joint venture, a soy-based ingredients leader. DuPont previously owned 72 percent of the joint venture while Bunge owned the remaining 28 percent.

DuPont, which previously owned 72 percent of Solae, acquired the 28 percent stake held by Bunge for about $440 million.

Bloombergは2011年7月に、DuPontが大豆タンパクと大豆食物繊維製品のJVのSolae LLCの売却先を探していると報じた。14億ドル〜17.5億ドルでの売却を目指し、ファンドや欧州企業と交渉しているという。

Salaeは1958年に Protein Technologies International として設立され、当初は産業用大豆タンパクのみであったが、その後食品などに展開した。

1997年にDuPont がRalston Purinaから買収、2003年4月に大豆・穀物加工事業のBunge Ltd.が28%を出資してSolae LLC を設立した。

まず、DuPontのProtein Technology事業とBungeの北米と欧州の素材事業を新会社に移行し、第二段階でBungeのブラジルの素材事業を移行した。

DuPontは現在、売却方針を変換し、SolaeのBunge持株の28%を購入し、100%子会社にすることを検討しているという。
Daniscoの事業とSalaeの事業は相互補完的で、収益向上、高成長が期待できるとみている。

Solaeの需要家には、大豆ミルクのメーカーの 8th Continentがある。

“DuPont is committed to nutrition and health. This investment in Solae, along with the acquisition of Danisco last year, has significantly added to our leadership position in food ingredients,” said DuPont Executive Vice President James C. Borel. "Solae’s scientific expertise and market leadership in soy is a critical element in our plans to enhance the quality and quantity of food for a growing global population.”

“Our customers will benefit from the full ownership of Solae as we can further increase the speed of innovation, food formulation and nutrition science capabilities across a wide range of specialty food ingredients,” said DuPont Nutrition & Health President Craig F. Binetti. “Our long-term segment financial targets are to post sales of 7-9 percent CAGR and expand pre-tax earnings margins to a range of 12-14 percent. With full ownership of Solae, DuPont anticipates delivering toward the upper end of our margin targets with the planned synergies.”

Solae, LLC is a world leader in developing soy-based ingredients for nutritious, great-tasting products. Solae provides solutions that deliver a unique combination of functional, nutritional, economical and sustainable benefits to our customers. Headquartered in St. Louis, Missouri, USA, the company was formed through a joint venture between DuPont and Bunge in 2003. Solae is a recipient of the 2011-2012 Ethisphere's Ethics Inside Certification and was recognized as one of the "World's Most Ethical Companies" in 2010, 2011 and 2012.

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.