1 May 2012 --- DuPont 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. The purchase price was approximately $440 million. Bunge and DuPont formed Solae as a joint venture in 2003.

“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 speaking to FoodIngredientsFirst.

He said that the DuPont was reluctant to reveal the purchase price for the company: “This transaction is considered immaterial for DuPont so we are not disclosing the financial information. We believe this is a strategic transaction with a clear path to value creation. Our long-term Nutrition & Health 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.

"This transaction enables Bunge to redeploy capital into our strategic, core businesses,” stated Drew Burke, Chief Financial Officer, Bunge Limited. "Solae has created great value during the past nine years, and is well-positioned for future success.”

Binetti said that the decision to bring the companies together was because of their “commitment to the food space. With this investment, the full purchase of Solae, following the acquisition of Danisco last year. DuPont sees megatrends in food, energy and protection as areas where science and technology can make a difference in the challenges being faced around the globe. DuPont is investing in the food and nutrition space because that’s where we feel that we can make a real impact across the globe. We have recently committed to Food Security goals to be achieved by 2020.”