Solae Soy Prices Rise

ST. LOUIS, Mo.Solae announced it is raising prices of its soy ingredients by an average of 6 percent to 10 percent across the globe, effective April 1, 2011, or as contracts allow, due to recent surges in world food prices.

"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."

The Food and Agriculture Organization (FAO) Food Price Index reported food prices grew by 5.6 percent for the first two months of 2011 following increases through the fourth quarter of 2010, reaching their highest level since 1990.

Solae noted it is investing resources in food safety across the globe to adapt to regulatory changes in this area. Solae also said 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 develops soy-based technologies and ingredients for food, meat and nutritional products. Solae's soy ingredients appear around the world in products such as baked goods, beverages, nutrition bars, meats and vegetarian meals. Solae is a recipient of 2011 Ethisphere's Ethics Inside Certification.