The Solae Company Announces Plans to Relocate Global Headquarters

25/05/06 The Solae Company has announced plans to relocate its global headquarters to the Center of Research Technology and Entrepreneurial Expertise (CORTEX), and said it will anchor the midtown campus with a new multi-million dollar research center near Boyle Avenue and Forest Park Parkway.

The multinational food ingredient innovation and manufacturing company anticipates completing the move in the second half of 2008. Approximately 400 Solae employees currently occupy space in downtown St. Louis near Tucker and Chouteau and in Hazelwood's Lambert Point industrial park.

Tony Arnold, President and Chief Executive Officer of The Solae Company, said the new location and building will better position the organization for continued growth in an evolving global marketplace that demands continuous innovation.

"Food manufacturers across the world are increasingly looking to Solae for game-changing food science breakthroughs," he said. "We're excited to anchor this new research community, and to renew our long-standing commitment to the City of St. Louis. I envision CORTEX becoming the buckle of an emerging national bio-belt, and it is my hope that other forward-thinking science companies will join us in championing its development."

Former iterations of The Solae Company have for more than 30 years called St. Louis home. In 2003, DuPont and Bunge together established the present day joint venture, whose 3,000 employees generate annual revenue of more than $1 billion. With a greater than 50 percent share of the world's isolated soy protein food ingredient market, Solae is the global leader in soy protein research and innovation.

"This is an important step forward for CORTEX, the City of St. Louis and our company," Arnold said. "To successfully translate the great science of our region into a sustainable, vibrant life-sciences industry requires partners of varying size and stage to collectively leverage St. Louis' strongest scientific assets. The Solae Company is proud to support this project and looks forward to contributing to and sharing in its success."

The City of St. Louis and CORTEX have offered a package of tax incentives to encourage The Solae Company to construct its new global headquarters inside the CORTEX district, including New Market Tax Credits and Tax Abatement. Construction of the project is subject to final approval and delivery of the incentives by CORTEX, the City of St. Louis, and certain related parties.

St. Louis-based Clayco will serve as the developer and general contractor and manage the project's design and construction. Cannon Design has been chosen as the programmer, planner, designer and architect of record. The Benham Group will provide process-engineering consultation.