06 January 2003
Health nuts want more beans
Wilmington, Del. - DuPont Co. the largest U.S. chemical company, and Bunge Ltd., the world's top oilseed processor, are forming a joint venture to take advantage of health-conscious consumers' growing demand for soy products.
The companies forecast annual revenue of more than $800 million from the new venture -- Solae LLC.
Soy is a key ingredient in the growing market for nutraceuticals, or foods and drinks that have added health benefits.
DuPont and Bunge will also jointly develop and sell improved soybeans and develop a broader offering of services and products to farmers.
The joint venture will initially focus on soy proteins and lecithins -- an ingredient added to foods and livestock feeds for nutrition.
DuPont will receive a majority stake in Solae and Bunge will take a 28% stake with the right to increase that portion to 40%.
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