DuPont, General Mills in Soy-Foods Venture

DuPont Co., which has been expanding beyond its traditional chemical businesses into agriculture and other industries, and cereal maker General Mills Inc. have formed a joint venture to develop and market soy foods. Terms were not disclosed. Under the agreement, DuPont’s Protein Technologies International unit will develop soy foods to supply Minneapolis-based General Mills, which makes products such as Cheerios cereal and Betty Crocker dessert mixes. DuPont said the soy products will be from beans grown by traditional methods without bioengineering. U.S. sales of soy-food products are expected to top $2.5 billion this year and grow at a 15% to 20% annual rate during the next five years. Shares of Wilmington, Del.-based DuPont closed off 56 cents at $68.50, while General Mills closed up 13 cents at $33.44. Both trade on the NYSE.