Milling & Baking News - July 6, 2004 - 16

B U S I N E S S

Corn Products in China venture
making modified corn starch
WESTCHESTER, ILL. - Corn Products International, Inc., the world's
largest manufacturer of dextrose and
a leading global corn processor, has
announced it will begin refining corn
in China.
The company, which operates 37
plants in 19 countries, said it has acquired a controlling interest in a new
joint venture that will make modified
corn starches for the Chinese market.
Corn Products formed the venture,
Golden Far East Modified Starch Co.,
Ltd., with Shandong Juneng Electric

Power Group Golden Corn Development Co., Ltd. The venture will operate
a plant in Shouguang, about 200 miles
south of Beijing.
Corn Products said the deal, terms
of which it did not disclose, will allow
it to serve both the Beijing and Shanghai markets. Those cities sit about 675
miles apart in northeastern China, the
country's most populous region.
"Establishing what we expect will be
our initial manufacturing presence in
China is aligned with our company's
strategy of growing businesses in new,

Tim Hortons marks conversion
of Bess Eaton donut shops
CRANSTON, R.I. - Official grand
opening ceremonies were held June 29
to celebrate the conversion of 42 former
Bess Eaton stores into the Tim Hortons
concept.
The conversions were nearly complete less than eight weeks after Tim
Hortons, Inc., acquired the restaurants.
In April, Tim Hortons, a subsidiary of
Wendy's International, Inc., emerged
as the top bidder for the restaurants
located in Rhode Island, Connecticut
and Massachusetts.
Governor Donald L. Carcieri of
Rhode Island attended the ceremony at
a Cranston Tim Hortons. Congratulating the company on its achievement,
Mr. Carcieri said, "I appreciate Tim
Hortons commitment to growing their
business here in Rhode Island. It's

good for the state and
our economy. Most
importantly, I want
to applaud Tim Hortons' strong belief in
giving back to the
communities where
they operate. We will
all benefit from their
initiatives."
To mark the grand
opening, Tim Hortons stores is donating 50c from every
June 29 transaction
to local Boys and
Girls Clubs.
The company also
marked the occasion
by giving customers

the A1 rating under review is defined as
"upper-medium grade and are subject to
low credit risk."
Moody's cited three reasons for the review:
1 - An ADM agreement to settle a price
fixing lawsuit for $400 million in cash.
2 - The possibility that the commodity

Court dismisses class-action against Nash Finch
MINNEAPOLIS - Nash Finch Co., owner
of a number of retail food chains in the Midwest and northern United States, said last
week that the U.S. District Court for Minnesota has dismissed a securities class-action
lawsuit filed against the company last year.
16 / Milling & Baking News, July 6, 2004

Shell gift cards, Tim Hortons coffee
coupons as well as free Tim Hortons
thermal mugs over the lunch hour. MBN

Celebrating the opening of Tim Hortons in Cranston were,
from left, Donald L. Carcieri, Governor of Rhode Island; Paul
House, president and chief operating officer, Tim Hortons;
Stephen Laffey, Mayor of Cranston; Anne Stern, executive
director, Boys and Girls Clubs of Providence; and Mike Meilleur, vice-president, strategic projects, Tim Hortons.

Moody's to review Archer Daniels A1
credit rating for possible downgrade
NEW YORK - In a move that could affect
about $7 billion in debt, Moody's Investors
Service on June 25 said it has placed the senior unsecured long-term debt A1 rating for
Archer Daniels Midland Co. under review for
possible downgrade.
Moody's affirmed the ADM Prime-1
short-term rating. According to the agency,

high-growth regions," said Sam Scott,
Corn Products' chief executive. "Demand for our ingredients continues
to increase in China, and we look forward to participating in this dynamic
marketplace."
Though the venture marks Corn Products' first foray into the world's largest
nation, the company already operates
facilities in other parts of Asia, including South Korea and Malaysia. The
company also makes tapioca at a plant
in Thailand.
In 2003, Corn Products' sales in its
Asia/Africa region reached $278 million,
up 11% from the previous year and accounting for 13% of the company's $2.1
billion in yearly revenue. MBN

The suit, which consolidated eight separate class-action suits, alleged the company
made false statements about its business
and financial results as they related to vendor promotions.
The court also dismissed a similar suit

markets in which ADM participates may become "more challenging" in the year ahead.
3 - Resultant uncertainty surrounding
ADM's ability to restore debt protection measures to levels appropriate for an A1 credit.
Moody's said the review will focus
primarily on ADM's ability to improve its
debt protection measures and the possible
impact a more challenging business environment in commodity processing would
have on ADM's credit profile. MBN

against the company's board of directors
and certain officers.
Nash Finch has struggled in recent years
to maintain market share in the consolidating U.S. grocery market. The company in
mid-May announced plans to sell 21 of
its stores that account for 3% of its annual
revenue. MBN
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Milling & Baking News - July 6, 2004

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