WESTCHESTER, Ill. (AP) — Corn Products International Inc. said Wednesday that it was awarded about $58.4 million in damages related to its claim that Mexico imposed a discriminatory tax on certain beverages.
The 2003 lawsuit submitted by Corn Products and its Mexican affiliate CPIngredientes SA de CV alleged that Mexico violated components of the North American Free Trade Agreement by placing a tax on beverages that contained high-fructose corn syrup.
The damages awarded represent profit lost in Mexico due to the tax, accrued interest and certain CPIngredientes' out-of-pocket expenses.
Shares of Corn Products, which refines corn for use in food and industrial products, fell 36 cents to $30.22 in morning trading.
Follow Food Manufacturing on Twitter
Chinese Plant Under Guard After Lead Poisoning
Research Into BPA Is "Deeply Troubling"
Nestle Raw Cookie Dough Back On Store Shelves
Plant Stormed Over Lead Poisoning Of Children
Bill To Protect Fishing Docks And Fish Processors
Siemens' Safety Innovation Tour
Low Milk Prices Mean Tough Times For Dairies
Another Company Recalls Ground Beef
iPhone Built For Processing Plants
Exclusive Feature: Sourcing Success
