Chemical giant DuPont's profit rose sharply in 2013
Release time:
2014-02-19
Chemical giant DuPont's profits rose sharply in 2013, but sales of high-performance materials, including a variety of plastic products, grew flat.
Chemical giant DuPont's profits rose sharply in 2013, but sales of high-performance materials, including a variety of plastic products, grew flat.
Wilmington, Del.-based DuPont had sales of just over $35.7 billion in 2013, up 3% from 2012. DuPont's full-year profits soared nearly 75% to nearly $4.9 billion.
However, the Performance Materials business unit (Performance Materials) had a mediocre sales performance, with sales of less than $6.5 billion. This segment includes nylon and a variety of specialty resins, as well as specialty films based on these materials. Operating earnings rose 14% to nearly $1.3 billion. Operating earnings in the performance materials business also climbed in the fourth quarter, with the company saying that growth was mainly driven by the packaging, automotive and industrial markets.
DuPont's Performance Chemicals business (Performance Chemicals) includes its Teflon brand fluoropolymer and Ti-Pure brand titanium dioxide businesses. The division's performance in 2013 was poor, with sales falling nearly 7% to $6.7 billion and operating income plummeting 48% to $0.924 billion. DuPont announced in October that it planned to spin off the business unit and operate it as a separate public company.
DuPont Chairman and CEO Ellen Kullman issued a press release on January 28, saying, "Our 2013 results and strategic initiatives show that we are steadily advancing our plans for higher growth and higher value. She added that the company's full-year results "further strengthen our decision to separate out our Performance Chemicals business and operate as a separate entity."
Performance Materials and Performance Chemicals were the two largest sales segments of DuPont's seven operating divisions in 2013, accounting for nearly 37% of total sales.
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