Corn Products joins IMASA in South American venture

by Emily Wilson
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A JOINT VENTURE recently announced between Corn Products International, Inc. and Industrias de Maiz S.A. will combine the two companies' operations and activities in Argentina, Chile and Uruguay. The venture will have combined annual sales of approximately U.S.$160 million and will hold strong positions in high fructose corn syrup, dextrose, maltodextrin, maltose, glucose and starch.

The U.S.-based Corn Products will make an undisclosed cash contribution in addition to contributing its operations in the three countries to the venture. It will hold a 73% stake in the business.

Herman Boher and Gustavo Boher, who hold a controlling interest in IMASA, the largest corn refiner in South America, will own a 27% interest in the new venture.