Corn Products International, Inc. Comments on 2004 US Contracting
February 18 2004 - 4:46PM
PR Newswire (US)
Corn Products International, Inc. Comments on 2004 US Contracting
WESTCHESTER, Ill., Feb. 18 /PRNewswire-FirstCall/ -- Corn Products
International, Inc. today stated that it has substantially
completed contracting for its US business. Although thenegotiations
did not deliver the pricing improvement commensurate with the
Company's cost of capital, Corn Products International continues to
project that operating income will show good growth in 2004 for
both its US and total North American businesses, and that its
corporate earnings per share will increase over last year. The
Company plans to comment further regarding its 2004 outlook when it
reports first-quarter 2004 results. ABOUT THE COMPANY Corn Products
International, Inc. 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 is the number-one
worldwide producer of dextrose and a leading regional producer of
starch, high fructose corn syrup and glucose. In 2003, the Company
recorded net sales of $2.1 billion with operations in 19 countries
at 37 plants, including wholly owned businesses, affiliates and
alliances. Headquartered in Westchester, Ill., it was founded in
1906. The Company is listed on the New York Stock Exchange under
the symbol CPO. Additional information can be found on the World
Wide Web at http://www.cornproducts.com/ . This press release
containsor may contain forward-looking statements concerning the
Company's financial position, business and future earnings and
prospects, in addition to other statements using words such as
"anticipate," "believe," "plan," "estimate," "expect," "intend" and
other similar expressions. These statements contain 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 commodities markets
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 sell our products, including fluctuations in the
value of local currencies, energy costs and availability and
changes in regulatory controls regarding quotas, tariffs, taxes and
biotechnology issues; increased competitive and/or customer
pressure in the corn-refining industry; the outbreak or
continuation of hostilities; stock market fluctuation and
volatility; and the resolution of the current uncertainties
relating to the Mexican HFCS tax. 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 risk factors, see the
Company's most recently filed Annual Report on Form 10-K and
subsequent reports on Forms 10-Q or 8-K. DATASOURCE: Corn Products
International, Inc. CONTACT: Investors, Richard Vandervoort,
+1-708-551-2595, or Media, Mark Lindley, +1-708-551-2602, both of
Corn Products International, Inc. Web site:
http://www.cornproducts.com/
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