Forbes  Mar 25  Comment 
For founders, hiring their Head of Product (CPO) is one of the biggest hurdles to success. This article covers details on when and how to hire your first Head of Product.
The Hindu Business Line  Feb 17  Comment 
Online marketplace Flipkart has announced Nitin Seth as its Chief People Officer of the company. The Bengaluru-based company had hired a CPO almost a year after Mekin Maheswari quit the company....
The Economic Times  Jan 12  Comment 
There are 138 million active Facebook users in India. When we look at the next one billion internet users, one-third of them will come from India.
Benzinga  Dec 4  Comment 
China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of internet-based platforms, products and services in China, today said that its chief technology officer (CTO), Mr. Zhiyao Yu, has resigned from his position for personal...
Automotive World  Sep 1  Comment 
The new vehicle market and the used vehicle market operate side by side, but far from independently from each other. It is the canny brands that are working to position themselves to benefit from both segments The post CPO turning used cars into...
Automotive World  May 5  Comment 
A certified pre-owned line-up could offer consumers something between the upcoming Model 3 and the Model S The post Tesla plugs pricing gap with CPO offering appeared first on Automotive World.
Automotive World  Apr 13  Comment 
CPO sales to generate $45 billion on 2.6 million units TrueCar, Inc., the negotiation-free car buying and selling mobile marketplace, estimates consumer purchases of certified pre-owned (CPO) vehicles, a growing source of revenue for automakers...
Commodity Online  Mar 23  Comment 
Indonesia is planning cut the threshold of CPO exports to $500-$600 a ton owing to a lower price regime. Commodity Online looks at how fall in imports from India and China paints a bearish picture of CPO prices in Indonesia.
TechCrunch  Mar 12  Comment 
 Several years ago, venture investor Aydin Senkut just showed up at Shopify’s headquarters in Ottawa. He had heard about them from the organizers of the Grow Conference in Vancouver and decided to stop by apropos of nothing. “At the time, no...


Corn Products International (NYSE:CPO) is one of the world’s largest corn refiners and a major supplier of high-quality food ingredients and industrial products derived from wet milling and processing of corn and other starch-based materials. The company earned $3.67 billion in revenue and $41 million in net income in 2009.[1]

Our products are derived primarily from the processing of corn and other starch-based materials, such as tapioca. Corn refining is a capital-intensive, two-step process that involves the wet milling and processing of corn. During the front-end process, corn is steeped in a water-based solution and separated into starch and co-products such as animal feed and corn oil. The starch is then either dried for sale or further processed to make sweeteners and other ingredients that serve the particular needs of various industries.

The company supplies a broad range of customers in many diverse industries around the world, including the food and beverage, pharmaceutical, paper products, corrugated, laminated paper, textile and brewing industries, as well as the global animal feed and corn oil markets.[2]

Company Overview

Corn Products operates as one segment, Corn Processing, and is managed on a regional basis. The company classifies its products in three categories:[3]

  • Sweetener products include high fructose corn syrup, glucose corn syrup, high maltose corn syrup, dextrose and polyols. High fructose and glucose corn syrup are used to sweeten soft drinks, baked goods, dairy products, confections and other processed foods. High maltose corn syrup is mainly used as a fermentable sugar for making beer. Dextrose is used as a sweetener as well as a sugar in pharmaceutical applications such as intravenous (IV) injections and drips. Polyols are sugar free reduced calorie sweeteners derived from starch.
  • Starch Products are used as a thickener or binder for processed foods as well as in cooking. They are also used to help add strength and smoothness to paper as well as give shape and stiffness to clothing and fabrics.
  • Co-Products and others include products such as corn oil and corn gluten. Corn oil is used to make cooking oil, margarine and condiments. Corn Products' sells corn gluten to companies that make animal feed.

Business Growth

FY 2009 (ended December 31, 2009)[1]

  • Net sales fell 7% to $3.67 billion. Sales fell in all of the company's geographic regions -- sales in North America, South America, and Asia/Africa fell 4%, 10%, and 14% respectively.
  • Net income fell 85% to $41 million.

Trends and Forces

Rising corn prices increase Corn Products' cost of goods sold

The price of corn can change due to supply factors such as farmer decisions, climate and government policies as well as demand factors such as livestock feeding, world grain shortage and world grain surplus. When the price of corn rises, Corn Products must spend more money on the corn they use to make their products. This increases the company's cost of goods sold. On the other hand, when the price of corn falls, Corn Products spends less money on corn and their cost of goods sold decreases. Corn Products purchases corn on the Chicago Board of Trade exchange.[4]

Weak U.S. dollar boosts Corn Products' international revenue

Because Corn Products earns 70% of its total revenues abroad, the company is exposed to exchange rate fluctuations. Corn Products' international revenue benefits when the U.S. dollar depreciates relative to foreign currencies. As the value of the dollar falls, each euro or pound it earns abroad converts to a larger number of dollars, boosting Corn Products' USD-reported revenue. On the other hand, sharp appreciations of the USD reduce the value of international sales.

Decreases in demand for food and beverage products that use corn based sweeteners decrease Corn Products' sales volume growth

When the demand for food and beverage products that use corn based sweeteners increases, so does the demand for Corn Products' sweeteners. This results in increased sales volume growth for the company. When the demand for food and beverage products that use corn based sweeteners decreases, so does Corn Products' sales volume growth.


  • Archer-Daniels-Midland Company (ADM) processes, stores, transports and markets agricultural products. Its main products include seed oils, corn oils, corn based sweeteners, and peanuts. The company's corn products compete with those produced by Corn Products.
  • Bunge (BG) offers agricultural products and services. The company's products fertilizer and food products including vegetable oils, corn oils, wheat flours and processed corn products. The company's services include storage and transport of grains. The company's corn oils and products compete with those manufactured by Corn Products.
  • Cargill, Incorporated provides agricultural, food processing, industrial, trading and financial products and services. The company provides farmers with farm management services and products. The company also manufactures processed grain products such as corn oil and starch as well as steel, salt and fertilizer products. The company's corn based products compete with those provided by Corn Products.


  1. 1.0 1.1 CPO 2009 10-K "Selected Financial Data" pg. 20
  2. CPO 2009 10-K "The Company" pg. 3
  3. CPO 2009 10-K "Products" pg. 3-4
  4. CPO 2009 10-K "Raw Materials" pg. 6
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