CORN PRDTS USD0.01 : Corn Products International Receives $58.4 Million Related to NAFTA Tribunal Judgment
01/26/2011| 09:15am US/Eastern
Corn Products International, Inc. (NYSE: CPO), a leading global provider
of ingredient solutions to diversified industries, received payments
totaling US$58.4 million on January 25, 2011, from the Government of the
United Mexican States pursuant to an award rendered in its favor by a
North American Free Trade Agreement (NAFTA) Chapter 11 Tribunal in 2009.
The award was the result of a claim Corn Products submitted to
arbitration in 2003 under the investment protection provisions of NAFTA
arising out of a tax Mexico had imposed on beverages sweetened with high
fructose corn syrup. In 2008 the NAFTA Tribunal found that the tax
violated NAFTA's national treatment provisions by discriminating in
favor of domestic producers of cane sugar.
Mexico made this payment pursuant to an agreement with Corn Products
International that provides for terminating pending post-award
litigation and waiving post-award interest.
ABOUT THE COMPANY
Corn Products International, Inc. is a leading global ingredient
provider to the food, beverage, brewing and pharmaceutical industries as
well as numerous industrial sectors. The Company produces ingredients
that provide valuable solutions to customers in approximately 50
countries. For more information, visit www.cornproducts.com.
Corn Products International, Inc.
Investors: Aaron Hoffman, (708)
Media: Mark Lindley, (708) 551-2602
© Business Wire 2011