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EXHIBIT 99.1
CONTACTS: Jeffrey T. Cook Roanne Kulakoff
President and CEO Lissa Perlman
Penford Corporation Kekst and Company
425-462-6000 212-521-4800
[email protected]
FOR IMMEDIATE RELEASE
PENFORD CORPORATION COMPLETES STARCH AUSTRALASIA ACQUISITION
BELLEVUE, WA, September 29, 2000 -- Penford Corporation (Nasdaq: PENX) reported
today that it has completed its previously announced acquisition of Starch
Australasia Limited from Goodman Fielder Limited for $54.5 million (USD) in
cash. The lower purchase price than announced earlier reflects a more favorable
currency exchange rate for Penford.
Starch Australasia is Australia's sole producer of maize starch products and a
world leader in the research, development and commercialization of novel new
starch-based products.
Penford Corporation develops, manufactures and markets specialty
carbohydrate-based ingredient systems for various applications, including
papermaking, textiles and food products.
This press release contains forward-looking statements concerning the
acquisition of Starch Australasia, in that the purchase price is subject to
final post-closing adjustments. There are a variety of factors which could cause
actual events to differ materially from those projected in previously issued
forward-looking statements such as unforeseen difficulties of integrating the
two businesses, decreases or delays in customer demand or orders, increased
competition, decreases in market share, unfavorable changes in product mix,
disappointments in product development efforts, interest rate and energy cost
volatility, foreign exchange rate fluctuations and those listed in the Company's
SEC reports, including the reports on Form 10-K for the year ended August 31,
1999.
For automated shareholder information, please call 888-317-2013.
