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Solae cuts staff and operations

11-Jun-2003

Soy ingredients firm Solae is to consolidate its Fort Wayne headquarters, administrative and research operations into the greater St. Louis metropolitan area. The move will see around half of the employees offered the chance to relocate.

Solae said it has been working with state and local governments to determine the economic incentives available in each location.

 

"In the end, despite generous incentives from the Ft. Wayne-Allen County Economic Development Alliance, our analysis indicated that consolidating operations in St Louis was the best economic option for the company, our customers, and our stockholders," said Terry Fox, CFO of Solae.

 

Solae , a joint venture between DuPont's Protein Technologies business, Bunge's Brazilian specialty food ingredients business and its Central Soya global specialty ingredients operations, formed on April 1, 2003.

 

Fox said that of the approximately 130 people employed in the Ft. Wayne location, "more than half of those people will be offered the option to relocate".

 

The company expects the transition to take up to one year before the Cook Road facility in Ft. Wayne is closed and operations are fully transferred to St. Louis.

 

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