EXHIBIT 99.1


CONTACTS:   Thomas D. Malkoski          Jeffrey T. Cook          Stephen Davis
            CEO                         President                MWW/Savitt
            Penford Corporation         Penford Corporation      206-505-8380
            303-649-1900                425-462-6000             SDAVIS@MWW.COM
            TMALKOSKI@PENX.COM          JCOOK@PENX.COM

                                                           FOR IMMEDIATE RELEASE

                 STEVEN O. CORDIER JOINS PENFORD CORPORATION AS
                             CHIEF FINANCIAL OFFICER

BELLEVUE, WASH., JUNE 27, 2002 -- Penford Corporation (Nasdaq: PENX) announced
today that Steven O. Cordier will join the company as chief financial officer
and corporate vice president. Cordier brings an accomplished career of over 22
years in specialty ingredient food and industrial businesses to Penford, with
extensive experience in a variety of financial, investor relations and strategic
planning roles.

"I am confident that Steve will make outstanding contributions to Penford
through his strong financial and strategic planning experience and extensive
knowledge of financial operations," said Penford Corporation CEO, Thomas D.
Malkoski. "His understanding of specialty ingredient businesses and the
business-to-business customer environment we operate in will immediately add
value to the company. We are honored to have Steve aboard as we continue to
capitalize on new opportunities for growth and development."

Before joining Penford, Cordier served at Milwaukee-based Sensient Technologies
Corporation, a $900 million, international, publicly-traded company that
manufactures flavors, ingredients, colors and fragrances for the food, beverage,
pharmaceutical and technology industries. During his early tenure with the
company, he was vice president and treasurer before being promoted to vice
president of administration in 1999. As vice president of administration,
Cordier was directly responsible for investor relations, information technology,
engineering and internal audit.

                                     -more-




STEVEN O. CORDIER JOINS PENFORD CORPORATION AS CHIEF FINANCIAL OFFICER, PAGE 2.

Prior to Sensient, Cordier worked for International Flavors & Fragrances, a
New York-based, publicly-traded company that manufactures flavors and fragrances
for the food, beverage and cosmetic industries. During his 16-year tenure with
the company, he served in a variety of financial roles including financial
analyst, assistant director of financial planning, and eventually director of
financial planning.

Cordier is a member of Financial Executives International, the National Investor
Relations Institute, and the Consumer Analyst Group of New York. He holds a
bachelor of science degree in public administration, and a master's degree in
business administration, both from the University of Arizona.

ABOUT PENFORD CORPORATION

Penford Corporation develops, manufactures and markets specialty natural-based
ingredient systems for various applications, including papermaking, textiles and
food products

For automated shareholder information, please call 1-888-317-2013.


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