WESTCHESTER, ILLINOIS - 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 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.
"The intended investment we are announcing today reaffirms our commitment to growing with and supporting our customers over the long term," said Ilene Gordon, Chairman, President and Chief Executive Officer of Corn Products International. "Brazil 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."
For the nine months ended September 30, 2010, $874 million, or 29.5 percent, of Corn Products' 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 company'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.
SOURCE: Corn Products International