ST. LOUIS, MO -- (Marketwire) -- 03/08/11 -- Solae, the world leader in soy ingredients, will raise prices by an average of 6 to 10 percent across the globe, effective April 1, 2011, or as contracts allow.
Similar to other food and ingredient companies, Solae continues to be affected by recent surges in world food prices. The Food and Agriculture Organization (FAO) Food Price Index reports that food prices grew by 5.6 percent for the first two months of 2011 alone following increases through the 4th quarter of 2010, reaching their highest level since 1990.
"After extensive review of our business and the current economic pressures, we determined that this price increase is necessary in order for Solae to continue delivering the innovative, high quality soy ingredients that our customers rely on," said Torkel Rhenman, chief executive officer -- Solae. "Respective to other proteins, soy continues to be a more stable choice for food companies. We believe this increase will minimize our long-term customer impact of the continuing rise of input costs."
Solae(TM) soy proteins are a cost-effective, high-quality and nutritious protein source. The company is committed to research and development, focusing on innovative technologies to produce healthy and cost-effective ingredients for a wide range of products. As a leader in food safety best practices, Solae is investing resources in food safety across the globe to adapt to regulatory changes in this area. Solae also continues to evaluate all aspects of the business to determine other ways that rising costs can be absorbed by the company without affecting customers.
Solae has a 50-plus year commitment to advancing technical and scientific research to deliver superior quality soy ingredients. With offices, research facilities and manufacturing centers around the world, Solae has the essential resources and expertise to help customers develop and market healthy, quality and great-tasting food and beverage products.
Solae, LLC is the world leader in developing innovative soy-based technologies and ingredients for food, meat and nutritional products. Solae provides solutions that deliver a unique combination of functional, nutritional and economical benefits to our customers. Solae's soy ingredients are enjoyed by consumers around the world in products such as baked goods, beverages, nutrition bars, meats, vegetarian meals and much more. Solae is a recipient of 2011 Ethisphere's Ethics Inside Certification and was recognized as one of 100 "World's Most Ethical Companies" in 2010. For more information, visit www.Solae.com, or follow the company on Twitter at www.Twitter.com/SolaeLLC or Facebook at www.Facebook.com/SolaeLLC.
Contact: Molly Cornbleet 314-659-3380 office 314-302-5181 cell mcornblesolae.com