Ms. Kullman's PR Puff Piece to Dear DuPont Shareholders
Oozing With Fiction & Fantasy
Good Morning, Bonjour, Guten Tag, Happy Thanksgiving, American Readers,
On Nov. 6, 2013, DuPont's PR-propelled "Chair" put out this vague and misleading hype to her owners:
"Dear DuPont Shareholders,
"DuPont’s recently announced separation of our Performance Chemicals segment definitively positions DuPont as a higher growth, higher value, less cyclical company. This separation will result in two strong companies with distinct growth and cash generation strategies and tailored capital structures and, as a result, drive substantial value. We will be sharing more details about Performance Chemicals and its prospects at a later time. Now, I would like to briefly introduce you to the next era of DuPont and outline how it will generate even greater value for shareholders.
DELIVERING HIGHER GROWTH, HIGHER VALUE
Over the past few years, we have deliberately upgraded our portfolio - acquiring Danisco, divesting Performance Coatings, and making the decision to separate Performance Chemicals - to position DuPont as a higher growth, higher value company, well equipped to drive revenue and profit growth through science-based innovation and our significant competitive advantages.
Now, our resources are fully focused on three priorities:
• Agriculture & Nutrition - extend our leadership across the high-value, science-driven segments of the Agriculture and Food value chain;
• Advanced Materials - strengthen our lead as a provider of differentiated, high-value advanced industrial
• Industrial Biosciences - build transformational new bio-based businesses by combining our world leading science with expertise and resources from our Advanced Materials and Agriculture & Nutrition businesses.
DUPONT IS UNIQUELY POSITIONED TO CAPITALIZE ON SIGNIFICANT GROWTH OPPORTUNITIES..."
"Highter Growth, Higher Value"?? How is that possible...when, Ms. Kulllman is...
* Stuck with the same mediocre, inept and unethical Management TEAM which has brought down DuPont to this level of falling apart in the first place in the 21st century? Imprelis, Tell Us!
* Dumping no less than 20% of her revenues and 29% of her earnings represented by chemicals based on full year 2012?
* Is left with the same mediocre hodgepodge of DuPont AG & NUT businesses as before, second-place and second-rate to Monsanto, Syngenta, Scotts MIRACLE-GRO, and Novozymes?
* Still pumping DuPont Corn Cob "Gasoline", bad-mileage, engine-damaging ethanol, a ludicrous waste of resources?
* Left with no new cash from the sale of chemicals (it will be spun off to DD shareholders), which have been apparently repulsed by would-be buyers by the legacy of litigation and environmental liabilities and massive pension underfunding. No fresh cash for reinvesting in those fantasy "higher growth" opportunities.
* Still in her CEO executive suite, doing what her ex-über boss, Chad Holliday, taught her to do so best, namely shrinking and sinking DuPont.
DuPont in the year 2014 as we see it, sans chemicals: Lower Growth, Lower Value, with revenues and earnings plummeting at the wobbly stand-alone, shrunken DuPont.
Merely the query of one individual retail investor and long-time student of the DuPont in decline and