Corn Products International Adds Stevia-Based, High-Intensity Sweetener to Its Ingredient Portfolio
April 22 2008 - 5:50AM
Business Wire
Moving to broaden its global sweeteners platform for the food and
beverage industries, Corn Products International, Inc. (NYSE:CPO)
today announced the addition of a high-intensity, low-calorie
sweetener derived from the stevia plant to its growing specialty
ingredients portfolio. Corn Products has entered into a long-term
agreement with Morita Kagaku Kogyo Company Ltd. of Osaka, Japan,
for the exclusive license of its patented stevia strain,
manufacturing technology and stevia production, along with global
marketing and distribution rights. The ingredient, to be marketed
under the brand name Enliten�, is a naturally occurring,
low-calorie sweetener. Enliten� has a very high content of
Rebaudioside A, the stevia component with the best taste profile,
and a sweetening power ranging from 300 to 400 times that of sugar.
Enliten� is designed to provide a clean, sweet taste in a variety
of foods and beverages, unlike the bitter licorice taste commonly
associated with some other forms of stevia. �Consumers worldwide
are looking for a new, low-calorie sweetener solution that tastes
good,� said Sam Scott, chairman, president and chief executive
officer of Corn Products International. �Based upon customer and
consumer responses to date, we believe Enliten� meets this profile
very well.� Corn Products intends to achieve supply and quality
consistency through an integrated supply chain, including the use
of the patented plants in the Northern and Southern hemispheres to
optimize supply across growing seasons. Contracted farmers in
Brazil began initial growth of the stevia plant for Corn Products
more than a year ago. �In addition to current access to Morita�s
production in Japan, Corn Products is committing about $20 million
to begin construction this year of a dedicated plant in Brazil,
with a year-end 2009 completion date, to meet expected growth in
customer demand,� Scott said. �Enliten� will be marketed in select
Latin American and Asian countries, where the sweetener is already
approved for use in food.� Corn Products will file for regulatory
approval of Enliten� in the US, a process that is expected to take
several years to complete, and is evaluating filings in Europe.
�While the commercialization and production scale-up of Enliten� is
not expected to make a significant contribution to our revenues in
the near-term,� Scott said, �this is another initiative we are
taking to lay the groundwork for longer-term, profitable growth.�
Scott said Enliten� and the agreement with Morita fits well with
Corn Products� strategy to expand its value-added ingredients
portfolio through multi-geographic alliances, joint ventures and
acquisitions. As an example, he cited the Company�s acquisition of
a family of sugar-free, reduced calorie polyol sweeteners in the US
and Brazil in early 2007. �Morita is a pioneer in the development
of several stevia plant varieties, including patented varieties in
the US and Japan,� Scott said. �Our agreement combines Morita�s 30
years of experience with stevia and Rebaudioside A with Corn
Products� global operating footprint and decades of local and
regional marketing knowledge and strong customer partnerships. We
are excited about the commercialization prospects for Enliten� in
the years ahead.� 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 a
leading worldwide supplier of dextrose and a major regional
producer of starch, high fructose corn syrup and glucose. In 2007,
Corn Products International reported record net sales and diluted
earnings per share of $3.4 billion and $2.59, respectively, with
operations in 15 countries at 35 plants, including wholly owned
businesses, affiliates and alliances. For more information, visit
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; and stock
market fluctuation and volatility. 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, 2007 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.
Corn Products (NYSE:CPO)
Historical Stock Chart
From Jul 2024 to Aug 2024
Corn Products (NYSE:CPO)
Historical Stock Chart
From Aug 2023 to Aug 2024