Bunge Lauhoff Grain Company Confirms Contract Ratification, Ending Strike at Danville, Ill., Facility, and Welcomes Returning Workers Back to Their Jobs.

Business Editors

DANVILLE, Ill.--(BUSINESS WIRE)--Aug. 7, 2001

Bunge Lauhoff Grain Company ("BLGC"), a subsidiary of Bunge North America, Inc. ("Bunge North America"), today confirmed the ratification of a new labor agreement with the 200 employee members of PACE Local 6-0972 at its Danville, IL, corn dry milling and soybean processing facility.

The agreement was ratified on August 5, 2001, by a majority of the facility's workers and ends an 11 1/2-week strike. As a result of the vote, BLGC employees are able to report to their jobs immediately.

"The Company is pleased that its hourly employees have approved the new contract and looks forward to all returning to their jobs," said Mickey Lay, BLGC's Danville, IL, site director. "We hope to resume full operations as quickly as possible. The strike has been difficult for all concerned, including the Danville community at large. With people returning to work, and a new 34-month contract settled, we are anxious to begin the healing process while at the same time establishing safe, competitive and efficient plant operations."

Phil Staggs, Vice President of Human Resources for Bunge North America and the Company's lead negotiator in the contract negotiations, said that the Company bargained in good faith throughout and that both sides had compromised in order to reach an agreement, particularly on the most difficult issues of wages, pensions and vacation time. "The Company has sought throughout," he said, "to demonstrate that the Danville facility needs to achieve cost containment for its long-term economic viability."

Staggs further commented that the company was "disappointed that after the vote, PACE International Union's officials seem intent on continuing to make inflammatory and incorrect statements designed to cause the Company and its employees financial harm. They also continue to mischaracterize our safety record. We will continue to emphasize safety in every aspect of our operations." Lay also expressed hope that the Union would work with the Company "to rebuild relationships and help the workers and the Danville community return to normal."

Bunge North America, the North American operating arm of Bunge Limited (NYSE: BG), is a vertically integrated food and feed ingredient company, supplying raw and processed agricultural commodities and specialized food ingredients to a wide range of customers in the livestock, poultry, food processor, foodservice and bakery industries. With headquarters in St. Louis, Missouri, Bunge North America and its subsidiaries operate grain elevators, grain and oilseed processing plants, edible oil refineries and food processing facilities in the U.S., Canada and Mexico.