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Outstanding risk management in corn processing

In 2011, operating profit in our Corn business unit grew 47 percent—to $1.1 billion―over fiscal 2010, largely through outstanding risk management, as corn prices rose sharply. We also saw improved demand in our sweeteners and starches and bioproducts portfolios, though much of the positive volume impact was offset by higher input costs. During the year, we announced plans to expand production of lysine and threonine—two animal feed ingredients—and began producing biobased propylene glycol. Looking ahead, we are building a sweetener terminal in Chattanooga, Tennessee, to more effectively serve major southeastern U.S. customers, and we will be focused on improving returns from the major capital projects completed in recent years by driving operational efficiencies and by further leveraging the total value of our diverse product portfolio.

Generating cash from other business units
Operating profit in our other business units, which include our milling, cocoa and financial businesses, reached $513 million―up 14 percent from 2010―as we advanced additional operating and cost efficiencies in milling and focused on capturing efficiencies by integrating our new cocoa processing facilities in Hazleton, Pennsylvania, and Kumasi, Ghana.


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