DuPont Titanium Technologies, a part of EI DuPont de Nemours & Co. (DD) announced a net price increase of $500/metric ton for all DuPont Ti-Pure titanium dioxide (TiO2) grades sold in Latin America. The price increase is effective from July 1, 2011.
Recently,DuPont also stressed on spending approximately $500 million to increase titanium dioxide production by 350,000 metric tons over the next three years. The expansion includes new production facilities at the company's Altamira, Mexico site as well as additional investments for improving the productivity at its other titanium dioxide sites around the world.
Titanium dioxide is a white pigment widely used in the coatings, paper, plastics and laminates industries.
Earlier, DuPont announced a net price increase of 250 Euros per metric ton, or as permitted by contract, for all DuPont Ti-Pure titanium dioxide grades of all countries in which invoicing is in Euro like the countries of Western and Central Europe and the North African region.
Last month, DuPont announced its first-quarter results and increased its full-year 2011 earnings guidance to a range of $3.65 to $3.85 per share from the previous range of $3.45 to $3.75 per share, excluding the impact of Danisco.
First-quarter earnings increased to $1.43 billion or $1.52 per share compared with $1.13 billion or $1.24 per share in the prior year.
DuPont is a global chemical and life sciences company, employing more than 60,000 people worldwide with a diverse array of product offerings. With over 21,000 patents and 15,000 patent applications worldwide, DuPont sells its products in diverse markets such as transportation, construction, apparel, agriculture, nutrition and health, packaging and electronics markets.
DuPont faces stiff competition from The Dow Chemical Company (DOW).
The company currently retains a Zacks #2 Rank on the stock, which translates into a short-term “Buy” rating. In addition, we reiterate our “Outperform” recommendation on the stock for the long term.
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