Corn Products to invest $75M to $100M in Brazil

By Associated Press
Posted Dec. 7, 2010 at 6:02 p.m.

Corn Products International Inc., which refines corn for use in food and industrial products, said Tuesday it plans to invest $75 million to $100 million over the next several years in its Brazilian business.

Corn Products plans to expand capacity and develop new ingredients for Brazil.

About $874 million, or 30 percent, of Corn Products’ revenue in the nine months ended Sept. 30, came from South America, where Brazil is the largest contributor.

Corn Products has six manufacturing plants and two ingredient development centers in Brazil.

Corn Products shares rose 48 cents to $45.40 during afternoon trading.

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