NEW YORK (TheStreet) -- TheStreet's Jim Cramer says DuPont (DD) is "under siege and it's not going to stop." Trian Partners, the hedge fund founded by activist investor Nelson Peltz, wants to get a seat on the company's board of directors, and Cramer says it sounds like a proxy fight is coming.
Cramer says Trian believes DuPont is under earning and should be split into "fast grow" and "slow grow," as in the old DuPont business that is not nutrition and seeds versus the nutrition and seeds business that is growing quickly. He thinks if this were to happen, then Syngenta (SYT) would buy the seed business.
The undercurrent here, according to Cramer, is that DuPont has not been able to sell divisions correctly under CEO Ellen Kullman. He says there is between $2 billion and $4 billion in fat at the company.
Cramer says the perspective from Kullman's camp is the stock has outperformed the S&P since she came on in January 2009. She has eliminated some of the underperforming divisions and she has returned the company's focus to its roots of science and enzymes.