Dow AgroSciences LLC, a unit of The Dow Chemical Company (DOW), announced that Health Canada’s Pest Management Regulatory Agency (PMRA) has approved its Enlist Duo herbicide with Colex-D Technology for use in Canada.
With the approval, both components of the Enlist Weed Control System in corn and soybeans have been approved for use in Canada. Canada is the first nation to authorize the new herbicide.
The Enlist weed control system possesses new traits, herbicides, and stewardship to provide the farmers the weed control that they urgently need to sustain. The Colex-D technology equips Enlist Duo with unique features like near-zero volatility, minimized potential for drift, lower odor, and better handling characteristics. Thus, the technology is a welcome solution to the farmers who have to manage hard-to-control and resistant weeds.
Dow will speed up the production and its supply of Enlist Duo herbicide with Colex-D Technology to support the expected Enlist launch. In order to ensure the availability of the technology in most places and to increase its commercialization, Dow is working with other regulatory agencies.
Recently, Dow AgroSciences also received approval from the U.S. regulatory authorities to market its new insecticidal active ingredient, Sulfoxaflor, as Transform and Closer. Sulfoxaflor registrations in the U.S. and Canada were accomplished after a Global Joint Review which also included Australia.
Dow posted its first-quarter 2013 results last month. The company posted a profit of $550 million or 46 cents a share, a roughly 33% rise from $412 million or 35 cents a share earned a year ago. Profits soared on the strength of the agriculture science business, which witnessed record sales of seeds and crop protection products.
Barring one-time items (including charges associated with tax adjustments and a loss on early extinguishment of debt), Dow earned 69 cents a share in the quarter, up from 61 cents a year ago. It comfortably beat the Zacks Consensus Estimate of 60 cents.
Dow will focus on organically growing its attractive businesses and driving earnings, leveraging its feedstock strength. The company will also continue to pursue its cost reduction and efficiency programs while reducing debt and maximizing shareholder returns. However, Dow does not see a material improvement in the macroeconomic environment this year.
Dow currently holds a Zacks Rank #3 (Hold).
Other companies in the chemical industry having favorable Zacks Rank are Shin-Etsu Chemical Co., Ltd. (SHECY), Celanese Corporation (CE) and Methanex Corporation (MEOH). All of them retain Zacks Rank #1 (Strong Buy).
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