Penford Posts Loss; Eyes ‘Alternatives’ for Australian Operation

Food and industrial starch supplier Penford (Centennial, CO) posted a net loss of $22.2 million, including charges, for the second quarter ended February 28, and says it will seek strategic alternatives for its Australian business. Penford posted net income of $2.3 million in the year-ago period. Sales fell 9%, to $79.8 million, on lower Australian currency exchange rates, reduced paper industry demand for industrial starches, and volume declines in the Australian operations, Penford says. The company has hired Merrill Lynch to review potential alternatives...

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