Grupo Moderna has merged with Molinos del Ecuador

Moderna Alimentos S.A. (Ecuador) and Molino Electro Moderno S.A. (Ecuador) have agreed to merge with Molinos del Ecuador S.A. (Ecuador), a Seaboard Corporation and ContiGroup Company, to form the leading wheat milling operation in Ecuador. Moderna Alimentos ("Moderna") is a food company based in Quito; with a national distribution coverage, it reported sales of US$60 million in 2007. Molinos del Ecuador ("Molidor") is a 50-50 joint venture between Seaboard Corp. and ContiGroup; it is engaged in the production of wheat flour for industrial consumers and packed flour for household use. Molino Electro-Moderno ("Memsa") is a family-owned company; it is a smaller flour mill with a captive niche market in the center of Ecuador and sales of US$13 million in 2007.. Alpax acted as exclusive financial advisor to Grupo Moderna