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Corn Products International Announces Brazilian Investment

^{Published on 2010-12-07 10:55:20 - Market Wire}
 

WESTCHESTER, Ill.--([ BUSINESS WIRE ])--Corn Products International (NYSE: CPO), a leading provider of ingredient solutions to diversified industries, announced today that it plans to invest between $75 million and $100 million over the next several years to support the growth of its Brazilian business.

"The intended investment we are announcing today reaffirms our commitment to growing with and supporting our customers over the long term"

The capital expenditures would be used to expand capacity and develop new ingredient solutions in Brazil, particularly to support the rapid growth of the food, beverage and industrial sectors.

aThe intended investment we are announcing today reaffirms our commitment to growing with and supporting our customers over the long term,a said Ilene Gordon, Chairman, President and Chief Executive Officer of Corn Products International. aBrazil has been an outstanding market for Corn Products historically, and we believe that it will continue to provide superior growth and returns in the future.a

For the nine months ended September 30, 2010, $874 million, or 29.5 percent, of Corn Productsa™ sales were generated in South America, where Brazil is the largest contributor. Corn Products operates six manufacturing facilities and two ingredient development centers in Brazil.

Corn Products continues to invest in growth opportunities on a global basis, highlighted by the acquisition of National Starch, which added $1.3 billion of largely value-added sales primarily to the food industry. The acquisition also further strengthened the companya™s Asian business and provided a European platform for additional growth. The company will invest behind these attractive geographic and value-added product opportunities over time.

About the Company

Corn Products International, Inc. 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 starches, and a major regional producer of sweeteners and other ingredients. In 2009, Corn Products International reported net sales of $3.67 billion. For more information, visit [ www.cornproducts.com ].

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 Companya™s prospects or future financial condition, earnings, revenues, expenses or other financial items, any statements concerning the Companya™s prospects or future operations, including managementa™s plans or strategies and objectives therefor and any assumptions, expectations or beliefs underlying the foregoing.These statements can sometimes be identified by the use of forward looking words such as amay,a awill,a ashould,a aanticipate,a abelieve,a aplan,a aproject,a aestimate,a aexpect,a aintend,a acontinue,a apro forma,a aforecasta or other similar expressions or the negative thereof.All statements other than statements of historical facts in this release or referred to in this release are aforward-looking statements.aThese 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 global economic conditions and their 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, and changes in regulatory controls regarding quotas, tariffs, duties, taxes and income tax rates; operating difficulties; boiler reliability; our ability to effectively integrate and operate acquired businesses, including National Starch; 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.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 aRisk Factorsa 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.