Corn Products International, Inc. Acquires 75-Percent Stake in GTC Nutrition
April 08 2004 - 5:20PM
PR Newswire (US)
Corn Products International, Inc. Acquires 75-Percent Stake in GTC
Nutrition WESTCHESTER, Ill., April 8 /PRNewswire-FirstCall/ -- Corn
Products International, Inc. and GTC Nutrition LLC today announced
that Corn Products International has acquired a 75-percent stake in
GTC, based in Golden, Colorado. Terms of the transaction were not
disclosed. GTC supplies a variety of short-chain
fructooligosaccharides (scFOS) and other ingredients for the food
and animal nutrition industries. The ingredients are sold under the
trade names NutraFlora(R), CalciLife(TM), Natureal(R), Xylitol, and
FortiFeed(R), and are found in such products as beverages, soy
products, dairy products, baked goods, medical foods, nutritional
supplements, candies, mints, chewing gums, and animal foods and
feeds. As part of the agreement, Corn Products International and
Meiji Seika Kaisha, Ltd., in Japan, have entered into a technical
licensing agreement. This agreement gives Corn Products
International access to the technology to produce scFOS. "This is
an opportunity to better serve the ingredient needs of both
companies' customers, and supports our Company's mission of
becoming a premier ingredient provider," said Sam Scott, chairman,
president and chief executive officer of Corn Products
International. "We are excited to join forces with Corn Products in
the specialty ingredients market," stated Patrick Smith, chief
executive officer of GTC Nutrition. "Corn Products is widely
recognized as a leader in the food ingredient business. Our new
alliance not only ensures GTC access to scFOS from a North American
facility, but will also position GTC for substantial growth,
allowing us to better serve our growing customer base." As part of
the investment, a new manufacturing channel will be installed at
one of Corn Products International's Canadian facilities to produce
scFOS. The channel is currently scheduled to begin operation by the
end of 2005. About Corn Products International, Inc. 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/ . About GTC Nutrition LLC
GTC is a leader in providing natural, science-based ingredients to
the food processing, dietary supplements and animal feed
industries. GTC promotes health throughout North America, South
America, Australia and New Zealand with innovative functional food
ingredients and unsurpassed customer support. For more information,
visit http://www.gtcnutrition.com/ . This press release contains or
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 toupdate 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 M. Vandervoort, +1-708-551-2595, or Media, Mark Lindley,
+1-708-551-2602, both of Corn Products International, Inc., or
Denise Wagner of GTC Nutrition LLC, +1-303-216-2489 Web site:
http://www.cornproducts.com/ http://www.gtcnutrition.com/
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