Research and development
We invested €176 million in research and development at CropScience in the first quarter of 2012.
The active ingredient pipeline of Crop Protection currently comprises seven developmental projects, five of which are at an advanced stage and two at an early stage of development. About 30 more projects are in the research phase.
In addition, we expect to bring some 15 new projects in BioScience to market-readiness for the broad-acre crops of cotton, oilseed rape/canola, rice and soybeans by 2016.
We made significant progress with our innovation and growth projects in the first quarter of 2012:
In February we received the registration for our fungicide Luna™ from the U.S. Environmental Protection Agency (EPA). It is available in the United States for the 2012 planting season. Luna™ (fluopyram) was developed to combat a number of problematic fungal diseases in fruit and vegetables. Important additional benefits are better storability and longer shelf life of the harvested produce.
In the first quarter of 2012 we began commercializing conventional oilseed rape varieties in several European countries, thus taking a major step toward regional expansion in this crop.
Capital expenditures, acquisitions and cooperations
In February 2012, CropScience and Texas AgriLife Research signed a multi-year agreement to develop and commercialize improved wheat varieties.
In March 2012, CropScience acquired the germplasm assets of ProSoy Genetics, the soybean breeding division of Thompson Agronomics, headquartered in Leland, Iowa, United States.
CropScience raised sales in the emerging markets by 12.2% (Fx adj.) in the first quarter of 2012, to €766 million, with the greatest growth stimulus coming from Eastern Europe. Brazil saw the largest increases in Latin America despite the drought. We also posted gratifying sales gains in the emerging markets of Asia. Sales rose slightly in Africa, but declined in the Middle East. The emerging markets accounted for a 29.3% share of CropScience sales in the first quarter of 2012.