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Letter to the Editor
Monday March 1
DuPont CFO Says Company Emerging Stronger From Global Economic Crisis
DuPont Senior Vice President and Chief Financial Officer Nicholas C. Fanandakis said the company is emerging stronger from the global economic crisis after taking a number of actions in 2009 to better position it for sustainable growth. Fanandakis made his remarks at the Morgan Stanley Basic Materials Conference."Under very difficult conditions, our work in 2009 redefined the company and repositioned it for sustainable growth," said Fanandakis. "We used the downturn to change the course of the company. Our focus is on delivering superior growth for our shareholders through customer-driven and science-based solutions, carefully prioritized investments, industry-leading productivity and strict accountability."
Fanandakis said DuPont took several swift actions in 2009 which resulted in:
- Realigning the company to support the commitment to customers, sustainable growth, and delivering revenue and earnings growth through market-driven science
- Maintaining its R&D investment at $1.4 billion during the economic crisis and introducing more than 1,400 new products – up 60 percent over 2008
- Delivering $1.1 billion in fixed cost productivity and $1 billion in working capital productivity
- Delivering $3.4 billion in free cash flow.
Fanandakis reaffirmed the company's commitment to deliver about 20 percent compound annual earnings growth for the 2009-2012 period. By executing on priorities, DuPont expects to generate about 10 percent top-line compound annual growth for the 2009-2012 period. The company also plans to capture $1 billion in fixed cost productivity and $1 billion in working capital productivity gains during the 2010-2012 timeframe.
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