ST. LOUIS--June 10, 2003--The Solae Company today announced that it will consolidate its headquarters, administrative and research operations from Ft. Wayne, Indiana into the greater St. Louis metropolitan area. Representatives of The Solae Company have been working with state and local governments to determine what economic incentives might be available in each location. "In the end, despite generous incentives from the Ft. Wayne-Allen County Economic Development Alliance, our analysis indicated that consolidating operations in St. Louis was the best economic option for the company, our customers, and our stockholders," said Terry Fox, CFO of The Solae Company.
The Solae Company was formed on April 1, 2003, through the combination of DuPont's Protein Technologies business, Bunge's Brazilian specialty food ingredients business, and Bunge's Central Soya global specialty ingredients operations. With operations and staff in both St. Louis and Ft. Wayne, a team led by Terry Fox began considering options to consolidate operations at one of the two locations, or to continue operating both locations. "This was a difficult decision for us because so many of our employees are affected," Fox said. "We have approximately 130 people employed in our Ft. Wayne location, and more than half of those people will be offered the option to relocate."
The company expects the transition to take up to one year before the Cook Road facility in Ft. Wayne is closed and operations are fully transitioned to St. Louis.
The Solae Company serves food and beverage manufacturers, dietary supplement developers, retailers and consumers in 80 countries worldwide including the United States and Canada, Europe and Middle East, Latin America and the Asia/Pacific region. The company is part of 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, soy isoflavones, and expanded offerings of products and services that help customers compete and prosper.