Dawn Food Products, Inc. Completes Acquisition Of Bunge Foods Bakery Division

JACKSON, MI -- December 31, 2003 -- Dawn Food Products, Inc., one of the world's largest full-service, family-owned baking industry suppliers, has completed its previously announced acquisition of the bakery business of Bunge North America, the North American Operating arm of Bunge Limited (NYSE: BG), for $76 million. The transaction includes assets that manufacture, market and sell bakery mixes, frozen dough, syrups and toppings.

Ron Jones, Chief Executive Officer of Dawn stated, "We are delighted to welcome the customers and employees of the Bunge Bakery Division to the Dawn family. Bunge's tradition of outstanding products and service to its customers meshes perfectly with Dawn's vision and mission. This is an exciting time for Dawn Food Products, and we are pleased to expand our services to the bakery and food industry with the high standards that our customers have come to expect from Dawn and Bunge. We believe this acquisition will not only strengthen our core competencies in the bakery mix and frozen bakery products market, it will allow Dawn to further expand into other key areas of interest to our customers," said Jones.

Dawn will take over operations of Bunge's bakery mix facilities in Seattle, Washington and Modesto, California; the sale of mixes from Bunge's Bradley, Illinois facility; as well as frozen baking plants in Mexico, Missouri and Tustin and Modesto, California. The syrups and toppings plant in Seattle and the bakery research and development facilities in Seattle and St. Louis were also included in the sale.

"This is Dawn's most exciting acquisition yet," said John C. Nally, President of Dawn North America. "It will provide us efficient production coverage in the area needed most by Dawn and increase our effectiveness immediately," stated Nally.

As a result of this acquisition, its third in the past two years, Dawn will increase its number of manufacturing facilities to 14 in North America. Dawn also currently has 19 distribution centers throughout North America and 45 manufacturing and distribution locations worldwide.

"This acquisition enhances Dawn's plans to continue growing in our service to the baking industry," said Miles Jones, Executive Vice President of Dawn. "The complementary nature of Dawn and Bunge from a product line and geographic standpoint will result in an excellent fit for the organization. We welcome the Bunge professional team into our own, and are confident that both companies' customer bases will enjoy a seamless transition regarding client service during our integration," stated Jones.

According to Carrie Barber, President of Dawn International, Bunge's international bakery ingredients division will be combined with Dawn's international division. "The additional capabilities brought to Dawn from Bunge's West Coast operations will enhance Dawn's growth for this area of our business," stated Barber.

Through the acquisition, approximately 600 new Dawn people will be added to its workforce, bringing Dawn's total number of employees serving the retail, in-store, wholesale and bakery chain segments throughout the world to approximately 2,600.

Dawn Food Products, Inc. is one of the world's largest independently owned bakery manufacturers and distributors as well as one of the nation's oldest manufacturers of bakery mixes and bases. Since 1920, Dawn's dedicated employees, outstanding products and valued customers have made the Dawn name synonymous with excellence. American-owned and operated, Dawn currently supplies a complete line of high-quality, consistent mixes, bases, icings, glazes, fillings, ready-to-bake products, and ready baked products and equipment to the food industry worldwide.