January 27, 2011

Corn Products International gains US$58.4 million

Corn Products International, Inc, a primary worldwide provider of ingredient solutions to many industries, obtained a total of US$58.4 million in payments on January 25, 2011 from a NAFTA tribunal judgment.

The amount was from the Government of the United Mexican States pursuant to an award rendered in its favour by a North American Free Trade Agreement (NAFTA) Chapter 11 Tribunal in 2009.

The award was the result of a claim Corn Products submitted to arbitration in 2003 under the investment protection provisions of NAFTA arising out of a tax Mexico had imposed on beverages sweetened with high fructose corn syrup. In 2008 the NAFTA Tribunal found that the tax violated NAFTA's national treatment provisions by discriminating in favour of domestic producers of cane sugar.

Mexico made this payment pursuant to an agreement with Corn Products International that provides for terminating pending post-award litigation and waiving post-award interest.