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Article: Corn products International buys SPI's food business.(NEWS)
- Article from:
- Candy & Snack Business
- Article date:
- January 1, 2007
CopyrightCOPYRIGHT 2007 Adams Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WESTCHESTER, IL -- SPI Polyols, Inc. and Corn Products International, Inc. (CPI) have entered into a definitive agreement that will see CPI acquire SPI's food business and the shares of an SPI unit that holds the remaining 50 percent of Brazil's Getec Guanabara Quimica Industrial S.A., or Getec.
The companies have been equal partners in the ownership of Getec since CPI increased its equity holdings from 20 percent to 50 percent in September.
Financial terms of the deal, which is expected to close during the first quarter, were not disclosed. According to CPI, the combined businesses are expected to have annual sales approaching $100 million.
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