MnSP and Bunge Officially Terminate Management Services

(Brewster, MN) -- In 2007 MnSP entered into a Management Services Agreement (MSA) with Bunge North America, Inc. Under that agreement, Bunge assisted MnSP in developing its own management and financial team and provided MnSP commercial and risk management services.

The vision of the MnSP Board of Directors has always been to be an independent company with the ability to control its own destiny. With its increased financial stability and an experienced management, commercial, and operational team in place, MnSP has requested, and Bunge has agreed, to terminate the MSA effective September 30, 2013. Effective October 1, 2013 the MnSP Commercial and Management team will be responsible for all commercial and risk management activities for MnSP’s 100,000 bushels per day soybean crush facility and its biodiesel operations.

MnSP is excited to announce the following recent hires in its Commercial/Marketing team.

Rob Hofstra as our Commercial Manager. Rob has served MnSP in this same position for the past 6 years as a Bunge employee through our MSA. Rob has been with Bunge for over 16 years and held various positions within their organization. He is excited to stay with MnSP and will continue to direct the future of our commercial team. Rob has a vast knowledge of the industry and will be a great asset to our management team.

MnSP has also hired Tom Rodis as our Commodity Products and Risk Manager. Tom has been in the industry for over 20 years and has an extensive knowledge of the crushing industry. His experience with domestic and export meal trading will add great strength to our commercial group. Tom has worked with various companies in the industry and was most recently employed by Bunge, Council Bluffs, IA. While at Council Bluffs Tom helped put together the original MSA between MnSP and Bunge. Over the past few years he has become very familiar with our plant and its employees. We are thrilled to have him join our team.

With the termination of the Management Services Agreement MnSP became, in all aspects, an independent company handling all decisions involving its future. I am confident in the team MnSP has in place and look forward to a successful future together!

Regards
MNSP Board of Directors & Management

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