November 25, 2004

Corn Products International to Close 2 Plants

US corn refiners Corn Products International is to close two of its corn refining facilities.

The company will close one of its starch plants in Guadalajara, Mexico (Cisne), the smallest of its four plants in Mexico, and one of its facilities in the Andean region in South America.

According to Corn Products, production from the Cisne plant will be transferred to the company's remaining corn refining plants in Mexico. Meanwhile production from the Andean region facility will be transferred to its recently expanded corn refining facility in Cali, Colombia.

Corn Products expects the closings, which are scheduled to become effective during the fourth quarter, will result in a one-time charge of approximately $20.5 million, to be taken in the fourth quarter of 2004. The charge includes a write-off of fixed assets of $18 million, and $2.5 million for employee termination costs.

"The expected efficiency gains from this action support our company's goal of excelling at our base business, the first plank in the multiple pathway strategy that we announced this year," said Sam Scott, chairman, president and chief executive officer of Corn Products International.