Company to Build New Production Facility in Brazil, Seek Additional Regulatory Approvals in US and Europe
WESTCHESTER, Ill., Apr 22, 2008 (BUSINESS WIRE) -- Moving to broaden its global sweeteners platform for the food and
beverage industries, Corn Products International, Inc. (NYSE:CPO)
today announced the addition of a high-intensity, low-calorie
sweetener derived from the stevia plant to its growing specialty
Corn Products has entered into a long-term agreement with Morita
Kagaku Kogyo Company Ltd. of Osaka, Japan, for the exclusive license
of its patented stevia strain, manufacturing technology and stevia
production, along with global marketing and distribution rights.
The ingredient, to be marketed under the brand name Enliten(TM),
is a naturally occurring, low-calorie sweetener. Enliten(TM) has a
very high content of Rebaudioside A, the stevia component with the
best taste profile, and a sweetening power ranging from 300 to 400
times that of sugar. Enliten(TM) is designed to provide a clean, sweet
taste in a variety of foods and beverages, unlike the bitter licorice
taste commonly associated with some other forms of stevia.
"Consumers worldwide are looking for a new, low-calorie sweetener
solution that tastes good," said Sam Scott, chairman, president and
chief executive officer of Corn Products International. "Based upon
customer and consumer responses to date, we believe Enliten(TM) meets
this profile very well."
Corn Products intends to achieve supply and quality consistency
through an integrated supply chain, including the use of the patented
plants in the Northern and Southern hemispheres to optimize supply
across growing seasons. Contracted farmers in Brazil began initial
growth of the stevia plant for Corn Products more than a year ago.
"In addition to current access to Morita's production in Japan,
Corn Products is committing about $20 million to begin construction
this year of a dedicated plant in Brazil, with a year-end 2009
completion date, to meet expected growth in customer demand," Scott
said. "Enliten(TM) will be marketed in select Latin American and Asian
countries, where the sweetener is already approved for use in food."
Corn Products will file for regulatory approval of Enliten(TM) in
the US, a process that is expected to take several years to complete,
and is evaluating filings in Europe.
"While the commercialization and production scale-up of
Enliten(TM) is not expected to make a significant contribution to our
revenues in the near-term," Scott said, "this is another initiative we
are taking to lay the groundwork for longer-term, profitable growth."
Scott said Enliten(TM) and the agreement with Morita fits well
with Corn Products' strategy to expand its value-added ingredients
portfolio through multi-geographic alliances, joint ventures and
acquisitions. As an example, he cited the Company's acquisition of a
family of sugar-free, reduced calorie polyol sweeteners in the US and
Brazil in early 2007.
"Morita is a pioneer in the development of several stevia plant
varieties, including patented varieties in the US and Japan," Scott
said. "Our agreement combines Morita's 30 years of experience with
stevia and Rebaudioside A with Corn Products' global operating
footprint and decades of local and regional marketing knowledge and
strong customer partnerships. We are excited about the
commercialization prospects for Enliten(TM) in the years ahead."
About the Company
Corn Products International 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, headquartered in
Westchester, Ill., is a leading worldwide supplier of dextrose and a
major regional producer of starch, high fructose corn syrup and
glucose. In 2007, Corn Products International reported record net
sales and diluted earnings per share of $3.4 billion and $2.59,
respectively, with operations in 15 countries at 35 plants, including
wholly owned businesses, affiliates and alliances. For more
information, visit www.cornproducts.com.
This news release contains or may contain forward-looking
statements within the meaning of Section 27A of the Securities
Exchange Act of 1933 and Section 21E of the Securities Exchange Act of
1934. The Company intends these forward looking statements to be
covered by the safe harbor provisions for such statements. These
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Company's future financial condition, earnings, revenues, expenses or
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Factors included in our Annual Report on Form 10-K for the year ended
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news release also may contain references to the Company's long term
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objectives, goals and targets are used as a motivational and
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Corn Products International, Inc.
Corn Products International, Inc.
David Prichard, (708) 551-2592
Mark Lindley, (708) 551-2602