Pioneer Hi-Bred merges with DuPont

The world’s largest seed corn company is under a new banner. Des Moines-based Pioneer Hi-bred International merged today with DuPont in aseven-point-seven billion dollar stock swap. Pioneer executive vice president Jerry Chicoine says it’s a deal of epic proportions. Pioneer was formed in Iowa nearly 75 years ago and Chicoine says it will continue to be Des Moines-based. DuPont already owned one-fifth of Pioneer and bought the other four-fifths today, paying 40 dollars a share. Chicoine says Pioneer and DuPont are a great match. Pioneer will become awholly-owned subsidiary of DuPont, which is based in Wilmington, Delaware. DuPont is a science and technology company in the food, health care,fashion, construction, electronics and transportation industries. Chicoine says Pioneer will have increased growth potential under the DuPont banner. Pioneer Senior Vice President John James says there is little concern about any jobs being lost in the merger. Pioneer has about five-thousand workers worldwide. Before the merger, DuPont had 92-thousand employees in 70countries.