Penford Resumes Starch Production in Cedar Rapids
26 August 2008 - 11:40PM
Business Wire
Penford Corporation (Nasdaq: PENX) announced today that its
principal subsidiary, Penford Products Co., has begun manufacturing
industrial starch at its Cedar Rapids, Iowa facility. The plant,
which produces industrial and food starch as well as ethanol, was
shut down following the record flooding of the Cedar River that
occurred in mid-June of this year. Tim Kortemeyer, President of
Penford�s Industrial Ingredients business, said, �Substantial
progress in our phased restoration of the plant has been made. We
have commenced grinding corn and operating conversion processes to
manufacture all of our industrial modified starch products. We are
working with customers to fulfill their supply chain requirements
and are ramping up to match our capacity with demand. Further, we
currently expect to be able to resume the production of ethanol
during the second half of September.� Tom Malkoski, Penford�s
President and Chief Executive Officer, noted that, �The re-start of
our largest plant is positive news for our employees, the community
of Cedar Rapids, customers, and investors. The extraordinary effort
by our employees, contractors and service providers has made it
possible to reach this milestone. I want to thank all of our
supporters for their commitment to the full recovery of our
business.� About Penford Corporation Penford Corporation develops,
manufactures and markets specialty natural-based ingredient systems
for food and industrial applications. Penford has nine locations in
the United States, Australia and New Zealand. The Cedar Rapids
facility 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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