Penford Corporation announced today that it will strategically restructure business operations to strengthen the Company's position as a market leader in delivering technically-differentiated, specialty ingredients to the food, paper and textile industries.
The restructuring comes as a result of the rapid growth of its North American food ingredients business, the addition of Penford Australia Limited last year and the changing landscape of the North American paper industry. Penford will relocate corporate headquarters from Bellevue, Washington to Denver, Colorado, a location more central to customers and operations, as well as the base of its fast-growing food ingredients business. Penford anticipates completing the restructuring during the 2002 fiscal year and expects to record a restructuring charge in its second fiscal quarter ending February 28, 2002.