News

DuPont, which supplies chemicals to the packaging industry, reported strong growth in the second quarter of the year, in spite of accelerating raw material and energy costs.

Sales in performance materials, which includes packaging and industrial polymers and Teijin films, grew by 8% to $1.8bn (£901.4m), although profit dropped by 2% to $223m.

DuPont said the growth was driven by price increases, currency fluctuations and strong growth in Asia Pacific.

Its total sales increased by 12% to $8.8bn, with sales outside the US, which account for 60% of turnover, rising by 18%. Sales in emerging markets grew by 23%.

The company's net profit was $1m.

DuPont chairman and chief executive Charles Holliday said: "We are executing well in a challenging environment and we remain focused on achieving our 2010 accelerated growth plan."

The company has already announced that it is to invest $150m to expand and upgrade manufacturing facilities in Europe, the US and Asia.