Corn Products International, Inc. Purchases Remaining Interest in Korean Business
December 27 2004 - 8:40AM
PR Newswire (US)
Corn Products International, Inc. Purchases Remaining Interest in
Korean Business WESTCHESTER, Ill., Dec. 27 /PRNewswire-FirstCall/
-- Corn Products International, Inc. (NYSE:CPO) today announced
that it has entered into an agreement to acquire the remaining
minority interest in its Korean business from Doosan Corporation
for approximately $65 million (US). This is an acceleration of
Doosan Corporation's right to sell its remaining interest to Corn
Products International, which was exercisable in 2005. The
transaction is expected to be finalized on December 29, 2004. The
business, which will be called Corn Products Korea, Inc. effective
on January 1, 2005, will be a 100-percent owned subsidiary of 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/ . This 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/or
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 income tax rates;
labor disputes; biotechnology issues; changing consumption
preferences and trends; increased competitive and/or customer
pressure in the corn-refining industry; the outbreak or
continuation of hostilities including acts of terrorism; stock
market fluctuation and volatility; and the resolution of the
current uncertainties resulting from 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 M. 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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