E. I. du Pont de Nemours and Company (DD - Free Report) has signed an industrial R&D cooperation agreement with the Office of the Chief Scientist (OCS) in the Ministry of Industry, Trade and Labor, Israel. The agreement forms a part of the Global Enterprise R&D Cooperation Framework, which comprises 24 members.
Pursuant to the framework, the OCS offers a platform to generate new opportunities for collaboration between DuPont and Israeli start-ups. Per the framework, the R&D projects to be undertaken in the areas of food, energy and protection will be aided with equal investments by OCS and DuPont.
The framework further provides exclusive plan for technological cooperation between the Israeli companies and multinational corporations. The OCS facilitates such multinational corporations by helping them find optimum Israeli technologies to meet their requirements. The OCS also extends financial support for the R&D project. The corporations will support the R&D project by making equal value investments either by investing funds in the R&D and/or allocating the necessary resources and means.
The corporations stand to benefit by developing cutting-edge innovative technology according to their specific needs. On the other hand, Israeli companies benefit from the potential growth and gaining new opportunities by partnering with the corporations.
On Jan 22, DuPont posted better-than-expected fourth quarter 2012 results. Both revenues and adjusted earnings beat the Zacks Consensus Estimates. However, profit tumbled year over year due to higher costs and lower demand across titanium dioxide and photovoltaic markets.
Despite unfavorable currency exchange swings, the Agriculture segment of DuPont delivered healthy sales in the fourth quarter boosted by higher volume and strong performance of the crop protection business and should continue to benefit from the synergies of Danisco acquisition.
DuPont currently carries a short-term Zacks Rank #3 (Hold).
Other companies in the chemical industry with favorable Zacks Rank are Akzo Nobel NV (AKZOY - Free Report) , Axiall Corporation , and Eastman Chemical Company (EMN - Free Report) . All three retain a Zacks Rank #2 (Buy).