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According to the Associated Press, Corn Products International Inc., a maker of corn-derived food ingredients and syrups, said Tuesday that fourth-quarter profit fell 41 percent as restructuring in Mexico and South America depressed earnings.
Quarterly earnings decreased to $14.4 million, or 19 cents per share, from $24.5 million, or 34 cents per share, a year ago. The results included a restructuring charge of $15 million, or 20 cents per share, related to projects to improve manufacturing efficiency in Mexico and South America.
Corn Products predicted significant growth in South America in 2005 and better performance in Asia and Africa. The company said it expects North American sales to be higher than in 2004.