02 December, 2005

USA: International Malting Company to close its Chicago malt plant

International Malting Company - US plans to close its Chicago malt plant.The Company expects that manufacturing activities will conclude by December 31, 2005, with shipping to continue into the early part of 2006, after which all activity will cease. The closure is expected to affect 35 hourly and salaried employees.

This was a very difficult decision for the Company to make, and the decision in no way reflects upon the quality of the workforce. Several factors made the closing of the Chicago plant necessary to ensure the long-term competitiveness of the Company. The Company appreciates the hard work of all employees over the years at this facility.

The Company has negotiated a shut down agreement with the Union and will be extending severance and outplacement services to all of the Chicago employees.

The Chicago malthouse produced about 125,000 MT on an annual basis. IMC will continue to produce and market over 500,000 MT of barley malt products from its three facilities located in Milwaukee, Wisconsin; Winona, Minnesota; and its new plant in Great Falls, Montana.

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