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|Corn Products International, Inc. Comments on Mexican Vote to Keep Tax On HFCS-Sweetened Soft Drinks|
WESTCHESTER, Ill., Dec. 12 /PRNewswire-FirstCall/ -- Corn Products International, Inc. (NYSE: CPO) today learned that on December 10, 2002, the Mexican lower house, the Chamber of Deputies, voted to keep the controversial value-added tax (VAT) on soft drinks sweetened with high fructose corn syrup (HFCS). The tax measure now goes to the Mexican Senate for passage.
The Company is disappointed with this action. However, Corn Products International is continuing to explore all options for resolving this situation, including working with government and trade officials under the North American Free Trade Agreement (NAFTA), working to obtain tax-free status for HFCS produced in Mexico from locally grown Mexican corn, as well as a restructuring of its Mexican operations. Additionally, the Company is exploring all of its available legal remedies.
About Corn Products International, Inc.
The Company 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 No. 1 worldwide producer of dextrose and a leading regional producer of starch, high fructose corn syrup and glucose. In 2001, the Company recorded sales of $1.9 billion with operations in 19 countries at 42 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 www.cornproducts.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 factors such as the following: 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; and increased competitive and/or customer pressure in the corn refining industry. 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.
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SOURCE Corn Products International, Inc.
/CONTACT: Investor, Richard Vandervoort, +1-708-551-2595, or Media, Jennifer Woomer Dinehart, +1-708-551-2602, both of Corn Products International/