Corn Products International Receives $58.4 Million Related to NAFTA Tribunal Judgment
January 26 2011 - 9:00AM
Business Wire
Corn Products International, Inc. (NYSE: CPO), a leading global
provider of ingredient solutions to diversified industries,
received payments totaling US$58.4 million on January 25, 2011,
from the Government of the United Mexican States pursuant to an
award rendered in its favor by a North American Free Trade
Agreement (NAFTA) Chapter 11 Tribunal in 2009.
The award was the result of a claim Corn Products submitted to
arbitration in 2003 under the investment protection provisions of
NAFTA arising out of a tax Mexico had imposed on beverages
sweetened with high fructose corn syrup. In 2008 the NAFTA Tribunal
found that the tax violated NAFTA’s national treatment provisions
by discriminating in favor of domestic producers of cane sugar.
Mexico made this payment pursuant to an agreement with Corn
Products International that provides for terminating pending
post-award litigation and waiving post-award interest.
ABOUT THE COMPANY
Corn Products International, Inc. is a leading global ingredient
provider to the food, beverage, brewing and pharmaceutical
industries as well as numerous industrial sectors. The Company
produces ingredients that provide valuable solutions to customers
in approximately 50 countries. For more information, visit
www.cornproducts.com.
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