PRESS RELEASE
Published on
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FOR IMMEDIATE RELEASE
MIDWEST GRAIN PRODUCTS, INC. TO CHANGE NAME TO MGP INGREDIENTS, INC.
ATCHISON, Kan., August 28, 2002 -- Holders of the preferred stock of
Midwest Grain Products, Inc. (MWGP) yesterday approved a change in the company's
name to MGP Ingredients, Inc. The change is scheduled to become effective on
Oct. 10, 2002.
"In recent years, our business has evolved with a greatly increased focus
on the development, production and marketing of specialty ingredients,
principally proteins and starches derived from wheat," said Ladd Seaberg,
President and CEO. "The rebranding of our company bolsters our position as a
premier supplier of ingredient solutions to the marketplace."
The name change follows "some of the most extensive strategic planning our
company has ever conducted," Seaberg explained. "For most of our existence, we
positioned ourselves primarily as a supplier of commodity wheat-based
ingredients and alcohol products. While these products still represent a
sizeable portion of our overall business, our strategy for growth is to focus on
providing innovative specialty ingredients for our customers across a wider
range of product categories."
The company is taking a number of steps to support this change, including a
recent reorganization of its sales, marketing and research and development
staffs. Sales personnel have been relocated to specific geographic regions to
enable closer customer contact, while a product management team has been formed
to provide specialized product and market assistance to the sales staff. The
research and development group has been strengthened to provide more direct
technical support to customers as well as develop and refine new ingredients for
the future. The company is also creating a new corporate logo and revised
company graphics.
"Our overriding goal for this process is to help customers turn their ideas
into reality," said Mike Trautschold, executive vice-president of marketing and
sales. "We know that our customers are looking for partners that can accelerate
product success and positively impact their results. Our investments in
technical expertise and sales support make us well-poised to accomplish this."
The company's wholly owned subsidiary in Pekin, Illinois, Midwest Grain
Products of Illinois, Inc., will begin operating as MGP Ingredients of Illinois,
Inc. effective Oct. 10.
There will be no need for holders of Midwest Grain Products, Inc. common
stock certificates to exchange their existing shares as a result of the upcoming
name change. Existing Midwest Grain Products, Inc. certificates will continue to
be valid. Effective with the change, however, the company's ticker symbol on the
NASDAQ National Market will become MGPI.
Midwest Grain Products, Inc. is a pioneer in producing and marketing
value-added proteins and starches derived from wheat. In addition, Midwest Grain
produces natural food-grade alcohol for use in beverage, food and industrial
applications, and fuel grade alcohol, commonly known as ethanol. The company is
headquartered in Atchison, Kansas, and owns and operates production facilities
in Pekin, Illinois and Kansas City, Kansas.
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