Corn Products International Completes Acquisition of National Starch
October 01 2010 - 6:18AM
Business Wire
Corn Products International, Inc. (NYSE: CPO), a leading global
provider of agriculturally derived ingredient solutions to
diversified industries, today announced that it has completed its
acquisition of National Starch, the specialty starches business of
AkzoNobel N.V.
“This is an important step forward for both Corn Products and
National Starch, and a tremendous opportunity for our investors,
customers, suppliers and employees around the world,” said Ilene
Gordon, Chairman, President and Chief Executive Officer of Corn
Products International. “Today, we go to market with a broader
portfolio of products, enhanced geographic reach, and the ability
to partner with our customers on customized and innovative
solutions. This makes Corn Products International a stronger, more
diversified player in the ingredient arena. We can offer our
customers a broad range of value-added ingredient solutions for a
variety of their evolving needs.”
The combined company currently employs approximately 10,000
people in North America, South America, Europe, the Middle East,
Africa and Asia-Pacific. It operates 37 manufacturing facilities in
15 countries; has sales offices in 29 countries, and has research
and ingredient development centers in key global markets.
“National Starch is an exceptional company,” Gordon said. “It
has a strong track record of developing new, innovative
ingredients, and its skilled, experienced employees share Corn
Products’ goals and values. We believe that, in every way, this is
an ideal fit for Corn Products.
“As we integrate these two historic companies, we are committed
to bringing together the best of what each has to offer in order to
build the finest ingredient solutions provider in our
industry.”
ABOUT THE COMPANY:
Corn Products International is one of the world's largest
suppliers of high-quality food ingredients and industrial products
derived from the wet milling and processing of starch-based
materials. The Company, headquartered in Westchester, Ill., is a
leading worldwide producer of dextrose and a major regional
producer of starches, sweeteners and other ingredients.
Forward-Looking Statements
This news release contains or may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. 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 prospects or future financial
condition, earnings, revenues, expenses or other financial items,
any statements concerning the Company’s prospects or future
operations, including management’s plans or strategies and
objectives therefor, expectations regarding the proposed
acquisition, including synergies, time of closing, accretion and
credit ratings, and any assumptions, expectations or beliefs
underlying the foregoing. These statements can sometimes be
identified by the use of forward looking words such as “may,”
“should,” “will,” “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 news
release or referred to in this news release are “forward-looking
statements.” These statements are based on current expectations,
but are subject to certain inherent risks and uncertainties, many
of which are difficult to predict and are beyond our control.
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 expressed in or implied
by these statements, based on various factors, including the
effects of the global economic recession and its impact on our
sales volumes and pricing of our products, our ability to collect
our receivables from customers and our ability to raise funds at
reasonable rates; fluctuations in worldwide markets for corn and
other commodities, and the associated risks of hedging against such
fluctuations; fluctuations in the markets and prices for our
co-products, particularly corn oil; fluctuations in aggregate
industry supply and market demand; the behavior of financial
markets, including foreign currency fluctuations and fluctuations
in interest and exchange rates; continued volatility and turmoil in
the capital markets; the commercial and consumer credit
environment; general political, economic, business, market and
weather conditions in the various geographic regions and countries
in which we manufacture and/or sell our products; future financial
performance of major industries which we serve, including, without
limitation, the food and beverage, pharmaceuticals, paper,
corrugated, textile and brewing industries; energy costs and
availability, freight and shipping costs, 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; and the outbreak or continuation of serious
communicable disease or hostilities including acts of terrorism.
Factors relating to the pending acquisition that could cause actual
results and developments to differ from expectations
include: the anticipated benefits of the pending acquisition,
including synergies, may not be realized; the integration of
National Starch’s operations with those of Corn Products may be
materially delayed or may be more costly or difficult than
expected, and we may be unable to maintain our current credit
ratings. 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 as a result of new
information or future events or developments. 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 and other risks,
see “Risk Factors” included in our Annual Report on Form 10-K for
the year ended December 31, 2009 and subsequent reports on Forms
10-Q or 8-K .
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