Indianapolis, Indiana
Bebruary 15,  2001

As it marks its 75th year of operation, Pioneer Hi-Bred International, Inc., will remain true to its
long-time business philosophy even while focusing on the ever-changing needs of customers, according to a company executive.

Henry A. Wallace and eight business associates incorporated the Hi-Bred Corn Company in May 1926. Later renamed Pioneer Hi-Bred, the company was the first created to develop, produce and sell hybrid seed corn. 

"As has agriculture, we’ve experienced an astounding number of changes during the last 75 years," said Bill Fleet, director of North American field sales for Pioneer. "We’re proud to have played a role in many of the positive changes."

Speaking before a group attending the annual Pioneer Agronomy Conference in Indianapolis, Fleet noted that U.S. corn yields averaged 26.4 bushels per acre in 1926. In 2000, the average was more than 137 bushels, a five-fold increase. 

"We know that genetics has contributed at least half that increase in productivity, and we know Pioneer genetics have led the effort to give farmers better tools to do their jobs," Fleet said.

"We believe we have great products today. A 7-bushel, across-the-board corn yield advantage over our competition – based on 248,300 side-by-side comparisons – backs that up," he added.
"We have excellent performance in our other crop lines as well. With our crop genetics research commitment of $250 million this year, Pioneer is investing in our future ability to deliver products our customers want and need." 

Fleet said the company’s "Long Look" business philosophy, first formalized in 1952, would remain a powerful guide for Pioneer people.

"Our Long Look makes four points:

"First, we try to produce the best products on the market.

"Second, we try to deal honestly and fairly with our employees, sales representatives, business associates, customers and stockholders.

"Third, we try to advertise and sell our products vigorously, but without misrepresentation.

"Fourth, we try to give helpful management suggestions to our customers to assist them in making the greatest possible profit from our products."

Fleet noted that 18 months have passed since Pioneer merged with DuPont, and Pioneer is encouraged about its prospects for the future.

"We will continue to change, as we must," Fleet said. "But we also must continue to hold close the tenets of the Long Look. We believe this business philosophy is just as right and true in the 21st century as it has been during our first 75 years."

Pioneer Hi-Bred International, Inc., a DuPont business, is the world’s leading developer and supplier of advanced plant genetics to farmers worldwide. With headquarters in Des Moines, Iowa, Pioneer develops, produces and markets a full line of top-quality seeds and forage and grain additives and provides services to customers in nearly 70 countries. DuPont is a science company, delivering science-based solutions that make a difference in people’s lives in food and
nutrition, health care, apparel, home and construction, electronics and transportation.

Company news release
N3352