Golden Far East (Shouguang) Modified Starch Company, Ltd., is a joint venture between Corn Products International and Shandong Juneng Electric Power Group Golden Corn Development Company, Ltd. Terms of the transaction were not disclosed.

Golden Far East will operate a plant in Shouguang City in Shandong province, approximately 200 miles south of Beijing, which will be well positioned to serve the Beijing and Shanghai regions within China, and other markets in the area, the corn refiner said in a statement.

"Establishing what we expect will be our initial manufacturing presence in China is aligned with our Company's strategy of growing businesses in new, high-growth regions," said Sam Scott, chairman, president and CEO of Corn Products International. "Demand for our ingredients continues to increase in China, and we look forward to participating in this dynamic marketplace."

Corn Products International, Inc. is one of the world's largest corn refiners and a major supplier of high-quality food ingredients and industrial products derived from the wet milling and processing of corn and other starch-based materials. It is the number-one worldwide producer of dextrose and a leading regional producer of starch, high fructose corn syrup and glucose.

In 2003, the company recorded net sales of $2.1 billion with operations in 19 countries at 37 plants, including wholly owned businesses, affiliates and alliances.