DuPont’s Pioneer Hi-Bred seed business gets a green light from South Africa’s Competition Appeal Court to purchase a majority stake in Pannar. From the press release:
Approval of the transaction is subject to a number of conditions that Pioneer and Pannar have committed to, including significant, long-term investment in South Africa. In addition to its investment in Pannar, Pioneer has committed R62 million (South African Rand) by 2017 to establish a regional research center in South Africa that would bring advanced R&D breeding technologies to Africa and apply these technologies to the companies’ complimentary germplasm pools. The research center will be similar to the innovative centers that DuPont has established in Brazil, India and China and will allow South Africa the opportunity to play a leading role in agricultural development for the African continent.
Pioneer and Pannar have further committed to working with communities, government and other groups to develop programs addressing the challenges faced by small-scale and developing farmers to increase their overall farm productivity, profitability and food security. Pioneer has committed R20 million over six years toward programs, in addition to its current endeavors, that will benefit developing farmers in South Africa.