Corn Products International Completes Acquisition of SPI Polyols Food Business and Remaining 50 Percent of Getec Polyols Joint V
February 12 2007 - 5:34PM
PR Newswire (US)
WESTCHESTER, Ill., Feb. 12 /PRNewswire-FirstCall/ -- Corn Products
International, Inc. (NYSE:CPO) today announced the completion of
its acquisition of the food business of SPI Polyols, a subsidiary
of ABF North America Holdings, Inc., and the shares of an SPI unit
that holds the 50 percent of a Brazilian polyols joint venture,
Getec Guanabara Quimica Industrial S.A., or Getec, not already held
by Corn Products International. A definitive agreement was
announced on January 11. Terms of the acquisition were not
disclosed. About the Company Corn Products International is one of
the world's largest corn refiners and a major supplier of
high-quality food ingredients and industrial products derived from
the wet milling and processing of corn and other starch-based
materials. The Company, headquartered in Westchester, Ill., is the
number-one worldwide producer of dextrose and a leading regional
producer of starch, high fructose corn syrup and glucose. In 2006,
Corn Products International reported record net sales and diluted
earnings per share of $2.62 billion and $1.63, respectively, with
operations in 15 countries at 34 plants, including wholly owned
businesses, affiliates and alliances. For more information, visit
http://www.cornproducts.com/ . Forward-Looking Statement This news
release contains or may contain forward-looking statements within
the meaning of Section 27A of the Securities Exchange Act of 1933
and Section 21E of the Securities Exchange Act of 1934. The Company
intends these forward looking statements to be covered by the safe
harbor provisions for such statements. These statements include,
among other things, any predictions regarding the Company's future
financial condition, earnings, revenues, expenses or other
financial items, any statements concerning the Company's prospects
or future operation, including management's plans or strategies and
objectives therefor and any assumptions underlying the foregoing.
These statements can sometimes be identified by the use of forward
looking words such as "may," "will," "should," "anticipate,"
"believe," "plan," "project," "estimate," "expect," "intend,"
"continue," "pro forma," "forecast" or other similar expressions or
the negative thereof. All statements other than statements of
historical facts in this release or referred to in this release are
"forward-looking statements." These statements are subject to
certain inherent risks and uncertainties. Although we believe our
expectations reflected in these forward-looking statements are
based on reasonable assumptions, stockholders are cautioned that no
assurance can be given that our expectations will prove correct.
Actual results and developments may differ materially from the
expectations conveyed in these statements, based on various
factors, including fluctuations in worldwide markets for corn and
other commodities, and the associated risks of hedging against such
fluctuations; fluctuations in aggregate industry supply and market
demand; general political, economic, business, market and weather
conditions in the various geographic regions and countries in which
we manufacture and/or sell our products; fluctuations in the value
of local currencies, energy costs and availability, freight and
shipping costs, and changes in regulatory controls regarding
quotas, tariffs, duties, taxes and income tax rates; operating
difficulties; boiler reliability; our ability to effectively
integrate acquired businesses; labor disputes; genetic and
biotechnology issues; changing consumption preferences and trends;
increased competitive and/or customer pressure in the corn-refining
industry; the outbreak or continuation of serious communicable
disease or hostilities including acts of terrorism; stock market
fluctuation and volatility; and our ability to maintain sales
levels of HFCS in Mexico. Our forward-looking statements speak only
as of the date on which they are made and we do not undertake any
obligation to update any forward-looking statement to reflect
events or circumstances after the date of the statement. If we do
update or correct one or more of these statements, investors and
others should not conclude that we will make additional updates or
corrections. For a further description of these risks, see Risk
Factors included in our Annual Report on Form 10-K for the year
ended December 31, 2005 and subsequent reports on Forms 10-Q or
8-K. This news release also may contain references to the Company's
long term objectives and goals or targets with respect to certain
metrics. These objectives, goals and targets are used as a
motivational and management tool and are indicative of the
Company's long term aspirations only, and they are not intended to
constitute, nor should they be interpreted as, an estimate,
projection, forecast or prediction of the Company's future
performance. DATASOURCE: Corn Products International, Inc. CONTACT:
Investors, Dave Prichard, +1-708-551-2592, or Media, Mark Lindley,
+1-708-551-2602, both of Corn Products International, Inc. Web
site: http://www.cornproducts.com/
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