UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): December 27, 2004
CORN PRODUCTS INTERNATIONAL, INC.
Delaware (State or Other Jurisdiction of Incorporation) |
1-13397 (Commission File Number) |
22-3514823 (IRS Employer Identification No.) |
5 Westbrook Corporate Center, Westchester, Illinois (Address of Principal Executive Offices) |
60154-5749 (Zip Code) |
(708) 551-2600
(Registrants Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
On December 27, 2004, Corn Products International, Inc. (the Registrant) issued a press release announcing that it has entered into an agreement to acquire the remaining 25 percent ownership interest in its Korean business from the minority interest shareholder, Doosan Corporation, for approximately $65 million. The transaction is expected to close on December 29, 2004, at which time the Registrants ownership interest in this South Korean subsidiary will increase to 100 percent. A copy of the Registrants press release is attached hereto as Exhibit 99.
Exhibit 99 Press Release dated December 27, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CORN PRODUCTS INTERNATIONAL, INC. |
||||
Date: December 27, 2004 | By: | /s/ Cheryl K. Beebe | ||
Cheryl K. Beebe | ||||
Vice President and Chief Financial Officer | ||||
Exhibit 99
Corn Products International, Inc.
5 Westbrook Corporate Center
Westchester, IL 60154
NEWS RELEASE
HOLD FOR CALL
|
CONTACT: | |||
Investors: | Richard M. Vandervoort, (708) 551-2595 | |||
Media: | Mark Lindley, (708) 551-2602 |
CORN PRODUCTS INTERNATIONAL, INC.
PURCHASES REMAINING INTEREST IN KOREAN BUSINESS
WESTCHESTER, Ill., December 27, 2004 Corn Products International, Inc. (NYSE: CPO) today announced that it has entered into an agreement to acquire the remaining minority interest in its Korean business from Doosan Corporation for approximately $65 million (US). This is an acceleration of Doosan Corporations right to sell its remaining interest to Corn Products International, which was exercisable in 2005.
The transaction is expected to be finalized on December 29, 2004.
The business, which will be called Corn Products Korea, Inc. effective on January 1, 2005, will be a 100-percent owned subsidiary of Corn Products International, Inc.
Corn Products International, Inc. is one of the worlds 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 is the number-one worldwide producer of dextrose and a leading regional producer of starch, high fructose corn syrup and glucose. In 2003, the Company recorded net sales of $2.1 billion with operations in 19 countries at 37 plants, including wholly owned businesses, affiliates and alliances. Headquartered in Westchester, Ill., it was founded in 1906. The Company is listed on the New York Stock Exchange under the symbol CPO. Additional information can be found on the World Wide Web at www.cornproducts.com.
- more -
Page 2 Corn Products International
This release contains or may contain forward-looking statements concerning the Companys financial position, business and future earnings and 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 various factors, including fluctuations in worldwide commodities markets and the associated risks of hedging against such fluctuations; fluctuations in aggregate industry supply and market demand; general political, economic, business, market and weather conditions in the various geographic regions and countries in which we manufacture and/or sell our products, including fluctuations in the value of local currencies, energy costs and availability and changes in regulatory controls regarding quotas, tariffs, taxes and income tax rates; labor disputes; biotechnology issues; changing consumption preferences and trends; increased competitive and/or customer pressure in the corn-refining industry; the outbreak or continuation of hostilities including acts of terrorism; stock market fluctuation and volatility; and the resolution of the current uncertainties resulting from the Mexican HFCS tax. 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 Companys most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q or 8-K.
# # #