BUNGE NORTH AMERICA TO SELL ITS BAKERY BUSINESS TO DAWN FOOD PRODUCTS, INC.

ST. LOUIS, Dec 02, 2003/PRNewswire-FirstCall via Comtex/ -- Bunge North America announced that its subsidiary, Bunge Foods, has executed a definitive agreement to sell its bakery business to Dawn Food Products, Inc. of Jackson, Michigan for $76 million. The sale includes the assets that produce mixes, frozen dough, syrups and toppings. Bunge Foods will continue as a market leader in edible oil processing and packaging.

?Oil is a core business for Bunge both in North America and worldwide,? said John E. Klein, President and Chief Executive Officer of Bunge North America. ?Selling the bakery business will allow Bunge Foods to focus on our edible oil business.?

Bunge?s bakery mix-related assets in Seattle, Washington, Bradley, Illinois and Modesto, California are included in the sale as are its frozen bakeries 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 are also included in the sale.

?Dawn Foods is very excited about this acquisition,? said Ron Jones, Chief Executive Officer of Dawn. ?We have a great deal of respect for the way Bunge has grown its business and this acquisition will help Dawn grow in our service to the baking industry.?

The sale is subject to regulatory approval and other customary closing conditions but is expected to close by year end.

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, frozen dough, par-baked and fully baked products, and equipment to the food industry worldwide.