Penford Commences Ethanol Sales
14 May 2008 - 2:45AM
Business Wire
Penford Corporation (Nasdaq: PENX), a global leader in renewable,
natural-based ingredient systems for food and industrial
applications, today announced that it had begun commercial sales of
ethanol from its new ethanol facility. The ethanol facility is an
expansion of Penford�s existing wet corn milling operations located
in Cedar Rapids, Iowa. The facility is designed to efficiently
produce between 25 million and 45 million gallons of ethanol
annually. Tim Kortemeyer, President of Penford�s Industrial
Ingredients business, stated that, �Starch demand from our paper
customers remains fairly solid. For the next several months we
intend to utilize our increased wet milling capacity in Cedar
Rapids to balance customer requirements for our specialty starches
with currently attractive opportunities in the ethanol market.�
Kortemeyer added, �Our employees and contractors have worked
diligently to complete this expansion at roughly half the capital
cost of a similarly sized �greenfield� ethanol plant. I want to
congratulate everyone on a safe and successful construction and
start up.� Tom Malkoski, Penford�s President and Chief Executive
Officer, noted that, �The addition of ethanol will allow our Cedar
Rapids plant to increase production and improve asset utilization,
while providing us with new flexibility to maximize returns from
multiple market opportunities. Over time, we expect that this
investment will deliver real value for our shareholders.� About
Penford Corporation Penford Corporation develops, manufactures and
markets specialty natural-based ingredient systems for numerous
applications. Penford has nine locations in the United States,
Australia and New Zealand. The Cedar Rapids site is the Company�s
largest manufacturing plant. The statements contained in this
release that are not historical facts are forward-looking
statements that represent management�s beliefs and assumptions
based on currently available information. Forward-looking
statements can be identified by the use of words such as
�believes,� �may,� �will,� �looks,� �should,� �could,�
�anticipates,� �expects,� or comparable terminology or by
discussions of strategies or trends. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, it cannot give any assurances that these
expectations will prove to be correct. Such statements by their
nature involve substantial risks and uncertainties that could
significantly affect expected results. Actual future results could
differ materially from those described in such forward-looking
statements, and the Company does not intend to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Among the factors that could cause
actual results to differ materially are the risks and uncertainties
discussed in this release and those described from time to time in
other filings made by the Company with the Securities and Exchange
Commission which include, but are not limited to, competition; the
possibility of interruption of business activities due to equipment
problems, accidents, strikes, weather or other factors; product
development risk; changes in corn and other raw material prices and
availability; expectations regarding the ethanol facility; changes
in general economic conditions or developments with respect to
specific industries or customers affecting demand for the Company�s
products, including unfavorable shifts in product mix;
unanticipated costs, expenses or third party claims; the risk that
results may be affected by construction delays, cost overruns,
technical difficulties, nonperformance by contractors or changes in
capital improvement project requirements or specifications;
interest rate, chemical and energy cost volatility; foreign
currency exchange rate fluctuations; changes in assumptions used
for determining employee benefit expense and obligations; other
unforeseen developments in the industries in which Penford
operates; and other factors described in the �Risk Factors� section
in reports filed by the Company with the Securities and Exchange
Commission.
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