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4-Traders Homepage  >  Equities  >  Nyse  >  Bunge Ltd    BG   BMG169621056

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DuPont Buys Full Ownership Of Solae Venture From Partner Bunge

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05/01/2012 | 04:05pm CEST

DuPont Co.'s (DD) acquired full ownership of Solae LLC, its soy-based ingredients venture with Bunge Ltd. (>> Bunge Limited), as it looks to expand its position in the food ingredients market.

DuPont previously owned 72% of the venture while Bunge owned the remaining 28%.

Financial terms of the deal weren't disclosed.

The companies formed the venture in early 2003 to produce and distribute specialty food ingredients. At that time, DuPont estimated initial global revenue from Solae to exceed $800 million annually. In exchange for its specialty-food-ingredients businesses in 2003, Bunge was to receive the 28% interest in the venture plus an estimated $260 million, which was funded by joint-venture debt.

DuPont said its long-term segment financial targets are to post a 7% to 9% compound annual growth rate for sales and to expand pretax earnings margins 12% to 14%. With full ownership of Solae, DuPont expects to reach the upper end of its margin targets with planned synergies.

The chemicals giant last month reported its first-quarter profit rose 4% as higher pricing and a jump in sales of agricultural products contributed to a 12% sales increase.

-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

Stocks mentioned in the article : Bunge Limited
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Financials ($)
Sales 2017 46 998 M
EBIT 2017 932 M
Net income 2017 659 M
Debt 2017 3 332 M
Yield 2017 2,19%
P/E ratio 2017 17,18
P/E ratio 2018 13,02
EV / Sales 2017 0,30x
EV / Sales 2018 0,28x
Capitalization 10 688 M
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 85,3 $
Spread / Average Target 12%
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Managers
NameTitle
Soren W. Schroder Chief Executive Officer & Director
L. Patrick Lupo Non-Executive Chairman
Thomas Michael Boehlert Chief Financial Officer
Enrique H. Boilini Independent Director
Ernest G. Bachrach Independent Director
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