ST. LOUIS, May 11, 2004 -- The Solae Company, a leading provider of functional ingredients that help food companies market great-tasting, healthier and more innovative foods to consumers, today announced that it will raise the price of its soy-protein product portfolio by 5 to 15 percent. The price increase takes effect June 1, 2004.
The price increase is a result of recent escalation in manufacturing, energy and packaging costs. A sharp increase in the price of raw materials also contributed to the decision to raise the price of certain product offerings.
"Continued strong demand for our protein ingredients, along with the escalating production and raw material costs, has created pricing pressures. For several months, The Solae Company has absorbed these costs," explained Jim McCarthy, senior vice president, The Solae Company. "However, the mounting pressures have made a price increase unavoidable." The price increase on the soy-protein product portfolio is in line with an increase in the price of The Solae Company's soy lecithin products, which took effect November 2003.
McCarthy also explained that the price increase will allow The Solae Company to continue to invest in leading technological advances and state-of- the-art facilities that help food companies respond to their customers' need for good-tasting, health-enhancing soy-based foods and beverages.
"The Solae Company's leading-edge technology in formulation, taste advancements, and nutrition preservation enables our customers to quickly bring to market great-tasting, better-for-you foods and beverages," stated McCarthy. "We will continue to invest in these key areas."
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 (BG) and DuPont (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 .