BORN had some news this A.M. locked in full 2011 corn needs ...
China New Borun Secures Corn Supplies at Locked-in Prices
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o China New Borun Corporation Ame
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Press Release Source: China New Borun Corporation On Monday March 28, 2011, 7:00 am EDT
BEIJING, March 28, 2011/PRNewswire-Asia-FirstCall/ -- China New Borun Corporation (NYSE:BORN - News), a leading producer and distributor of corn-based edible alcohol in China, today announces that the Company has purchased and stored adequate corn supplies at locked-in prices to be used for production in the coming non-harvest season.
During the recent harvest season, the Company reserved a greater quantity of corn to be used for later production in non-harvest season through corn sourcing arrangements with local granaries. As a result, the Company has secured 340,000 tons of corn stored in third-party granaries, and together with corn stored in the Company's self-owned warehouse, it is estimated that all of Borun's 2011 production plans can be sufficiently fulfilled with the corn already on hand.
Mr. Jinmiao Wang, Chairman and Chief Executive Officer of Borun, commented, "Having further enhanced our corn purchase and storage capability, we are confident that Borun is well-positioned to take our sourcing advantage and to capture more business opportunities in the future. Our ability to lock in attractive prices during the peak harvest season not only provides us with higher cost visibility but also buffers us from potential higher inflation. As we expand our production capacity with the recently completed Phase III facility, we are glad that we have been able to secure corn supplies that can meet our higher demand. We'll continue our effort to engage granaries to secure a greater quantity of lower-priced corn during peak harvest season and store for later use in non-harvest season. Our strong sourcing capability complements our production expertise and nearly 50% increase in total capacity. As such, we are excited and confident that our higher total capacity and solid cost visibility will drive strong revenue and profit growth in 2011."
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