ST. LOUIS, Nov 3, 2003 -- The Solae Company, a leading provider of functional ingredients that help food companies market great-tasting, healthier and more innovative foods for consumers, today announced that it will raise the price of its soy-based lecithin product portfolio by 5 to 8 percent. The price increase will take effect today, November 3, 2003.
The price increase is a result of recent escalation in the cost of manufacturing, rising energy costs, and a variety of increases in the cost of ingredients, transportation and packaging.
"We looked at other options to avoid passing on any of these increased costs to our valued customers," explained Jack Self, global business lead - lecithin, The Solae Company. "However, external factors made a price increase unavoidable." The price increase on the soy-based lecithin product portfolio is in line with an increase previously announced by The Solae Company for its soy protein products.
Self also stated that the price increase will help ensure that The Solae Company continues to make the necessary investments in leading technological product advances and state-of-the-art facilities to meet the demand for lecithin products that exceed the expectations of customers and the end consumer.
"We will continue to invest in technical innovation and nutritional research to expand the range of value benefits associated with soy-based lecithins as well as the market opportunities this presents to our customers," said Self.
About The Solae Company
The Solae Company, based in St. Louis, Missouri, serves food and beverage manufacturers, dietary supplement developers, retailers and consumers in 80 countries worldwide including the United States and Canada, Europe and the Middle East, Latin America and the Asia/Pacific region. The company was formed through an alliance between Bunge Limited (NYSE:BG) and DuPont (NYSE:DD). The company's business is focused on significantly growing the global business in plant-based, specialty food ingredients, initially addressing soy protein and lecithin, and expanded offerings of products and services that help customers compete and prosper. For more information, please visit www.solaeliving.com.