Dow AgroSciences CEO Antonio Galindez told investors Wednesday morning at a conference in New York City that the
company plans to launch five products by 2013 that could increase annual revenue by $800 million.
The Indianapolis subsidiary of Michigan-based Dow Chemical Co. partnered with St. Louis-based Monsanto Co. to develop what could become its biggest blockbuster, a genetically modified corn variety it calls SmartStax.
SmartStax is set to hit the market this year and could improve crop yields as much as 10 percent by better protecting the plants against herbicides and bugs.
Another example of a new product cited by Galindez is Sulfoxaflor, an insecticide anticipated to launch in 2012.
Galindez said the new products are being driven by Dow Agro’s increased commitment to innovation. The company in July signed a 15-year lease for an 80,000-square-foot research-and-development building, to be erected adjacent to its headquarters on the northwest side of Indianapolis.
On Feb. 2, Dow announced that it posted a profit of $69 million in the fourth quarter, down 19 percent from the prior year, because of increased research-and-development spending and higher administrative expenses.
Revenue rose 17 percent, to $1.1 billion, from $920 million in the fourth quarter of 2008.