US corn refiner Corn Products International has announced that it is establishing a manufacturing presence in China by acquiring a controlling interest in a new joint venture that will manufacture modified corn starches for the Chinese market.

The business, Golden Far East (Shouguang) Modified Starch Company, is a joint venture between Corn Products International and Shandong Juneng Electric Power Group Golden Corn Development Company. The business consists of a plant headquartered in Shouguang city, Shandong province, approximately 200 miles south of Beijing.

CPI said the plan is well positioned to serve the Beijing and Shanghai regions within China, and other markets in the area as well.

"Establishing what we expect will be our initial manufacturing presence in China is aligned with our company's strategy of growing businesses in new, high-growth regions," said Sam Scott, chairman, president and chief executive officer of Corn Products International. "Demand for our ingredients continues to increase in China, and we look forward to participating in this dynamic marketplace."

Terms of the transaction were not disclosed.