NEWS RELEASE
FOR RELEASE CONTACTS:
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1030 EST 11/01/00
MCP:
L. Daniel Thompson, (507) 537-2660
Stanley L. Sitton, (507) 537-2668
MINNESOTA CORN PROCESSORS, LLC AND CORN PRODUCTS INTERNATIONAL, INC.
RECEIVE GOVERNMENT CLEARANCE FOR JOINT MARKETING COMPANY
FORM LLC AND ANNOUNCE EXECUTIVE APPOINTMENTS
MARSHALL, MN., NOVEMBER 01, 2000 - Minnesota Corn Processors, LLC (MCP)
and Corn Products International, Inc. (NYSE: CPO) today announced that the
Federal Trade Commission and the United States Department of Justice have
granted early termination of the antitrust waiting period regarding the
formation of a joint marketing company. The governmental clearance allows the
two companies to proceed with the formation of the legal entity, CornProductsMCP
Sweeteners LLC.
The joint marketing company, which was previously established in an
agreement in principle as reported on October 4, 2000, will be governed by a six
member board of directors, three to be provided by each of Minnesota Corn
Processors, LLC and Corn Products International, respectively.
The companies also announced today the designation of three key
positions effective immediately. Michael R. Pyatt, president, US/Canadian Region
for Corn Products International, will serve as the chairman of the board for
CornProductsMCP Sweeteners LLC. He will also retain his current position with
Corn Products International.
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Minnesota Corn Processors LLC - Page 2
Stanley L. Sitton, MCP's senior vice president of sales and marketing
is appointed as president and chief executive officer of CornProductsMCP
Sweeteners LLC. Joseph M. Techet, vice president of sales for Corn Products
International, will be CornProductsMCP Sweeteners' executive vice president of
sales and marketing. Sitton and Techet will be phased into full-time positions
with CornProductsMCP Sweeteners LLC during the transition.
Corn Products and MCP are moving forward to quickly finalize the
definitive agreements that will enable the new company to conduct business,
including contracting for the coming year.
Minnesota Corn Processors, LLC is a corn-wet miller with refineries in
Marshall, MN and Columbus, NE. The Company produces high-quality corn sweeteners
and starch products for sale into the beverage and food industries, and owns and
operates a nationwide network of 17 corn sweetener distribution terminals. In
addition to its position as one of the largest U.S. manufacturers of fuel
ethanol, the Company produces starches for sale into the paper and corrugating
industries, feed products and road de-icers. The Company, headquartered in
Marshall, MN, was founded as a farmer cooperative in 1980 and converted to a
5,400-member limited liability company on July 1, 2000. For more information,
visit the company's web site at www.mcp.net.
THIS PRESS RELEASE CONTAINS OR MAY CONTAIN CERTAIN FORWARD-LOOKING STATEMENTS
CONCERNING THE COMPANY'S FINANCIAL POSITION, BUSINESS AND FUTURE 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 ECONOMIC, BUSINESS AND MARKET CONDITIONS IN THE VARIOUS GEOGRAPHIC
REGIONS AND COUNTRIES IN WHICH WE MANUFACTURE AND SELL OUR PRODUCTS, INCLUDING
FLUCTUATIONS IN THE VALUE OF LOCAL CURRENCIES AND CHANGES IN REGULATORY CONTROLS
REGARDING QUOTAS, TARIFFS 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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