Cedar Rapids, Iowa News, Sports, and Weather
DuPont's Pioneer Subsidiary Buys Majority of South African Seed Company
DES MOINES, Iowa (AP) DuPont says it has bought a majority share in a South Africa-based seed company and plans to increase research and improve seed availability for farmers in Africa.
DuPont says its Iowa-based Pioneer subsidiary has acquired 80 percent ownership in Pannar Seed Limited, which has operations throughout Africa and other parts of the world. Transaction details were not released.
DuPont Pioneer says it will invest $6.2 million by 2017 to establish a technology hub in South Africa to serve the region, similar to the research hubs that Pioneer has established in Brazil, India and China.
Pannar receives access to the Pioneer genetics library and its corn breeding and biotechnology capabilities. Pioneer will tap into Pannar's expertise and reach across Africa, and its corn genetics developed specifically for the region.