U.S. Pistachio Growers Welcome Successful Conclusion of South Korea-U.S. Free Trade Agreement, Reports Paramount Farms

    LOS ANGELES, April 5 /PRNewswire/ -- U.S. pistachio growers welcomed
 the April 2, 2007 announcement that the U.S. and South Korea have
 successfully concluded a free trade agreement (FTA).
     "We are very pleased by the announcement," said Stewart Resnick,
 president, Paramount Farms. "While South Korea represents an estimated $38
 million in revenue per year for America's pistachio growers, the existing
 30 percent tariff on pistachios was a significant hurdle to realizing that
 market. We understand that once it goes into effect, the free trade
 agreement provides for immediate duty-free treatment of U.S. pistachios.
 This presents a tremendous opportunity for America's pistachio growers. We
 look forward to working with the U.S. Congress to swiftly approve the
 agreement."
     California represents approximately 98 percent of U.S. pistachio
 production. The industry produces an average of 242 million pounds of
 pistachios a year, and employs thousands of workers. The industry has grown
 more than three times in value in the past ten years to over $500 million
 today. Based on current estimates, the industry expects to grow to over $1
 billion in the next ten years. Exports are fundamental to this growth.
     About Paramount Farms
     Paramount Farms is the world's largest vertically integrated supplier
 of pistachios and almonds. Paramount Farms has more than 70,000 acres of
 prime pistachio and almond orchards located in California's San Joaquin
 Valley. Paramount Farms' 30,000 acres of pistachio orchards are the largest
 in the Western Hemisphere. In a state famous for its almonds, Paramount
 Farms is California's largest almond grower, with more than 40,000 acres of
 permanent almond orchards. Paramount Farms' nuts can be found in the
 produce department of grocery stores nationwide sold to consumers under the
 Sunkist(R) and Everybody's Nuts(TM) brand names as well as under private
 label and in bulk. Paramount offers a full range of in-shell and shelled
 pistachio products as well as a complete line of almond products including
 whole, sliced, slivered or diced which can be produced in raw, roasted,
 blanched or flavored forms.
 
 

SOURCE Paramount Farms