Ingredion to Acquire 100% Ownership in Joint Venture Accelerating Growth in Plant-Based Proteins
November 01 2020 - 5:17PM
Ingredion Incorporated (NYSE: INGR), a leading global provider of
ingredient solutions to the food and beverage manufacturing
industry, today announced that it has signed an agreement with
James Cameron and Suzy Amis Cameron to acquire the remaining
portion of ownership in Verdient Foods Inc. that the Company did
not already own. The acquisition is expected to close this month.
The transaction was funded from the company's available liquidity.
No other terms of the transaction were disclosed.
“Acquiring 100% ownership in Verdient Foods enables Ingredion to
accelerate net sales growth, further expand our manufacturing
capability and co-create with our customers to serve the increasing
consumer demand for plant-based foods,” said Jim Zallie,
Ingredion’s president and chief executive officer. “Over the last
two years, we have strategically invested over $200 million to
build a leadership position in consumer-preferred plant-based
proteins, which is central to Ingredion’s strategy and accelerating
our Driving Growth Roadmap. We are well positioned to continue
capitalizing on and benefiting from the megatrends driving the
changes in the global food and beverage industry. We look forward
to building on the foundation set by James and Suzy Amis Cameron,
who have been pioneers in driving transformational change in the
food industry and creating a shared sustainable future for
all.”
Jim Cameron stated: "Ingredion is truly
committed to breakthrough, innovative and sustainable plant-based
solutions, and to revolutionizing food systems for the health of
the planet. Our collective efforts and shared vision are about
igniting change and delivering benefits to consumers around the
world.”
As a result of the acquisition and once construction is complete
on an adjacent facility, the Company will operate two facilities
that can produce a wide range of high-quality, sustainable,
specialty pulse-based concentrates and flours from peas, lentils
and faba beans. Both facilities are located in Vanscoy,
Saskatchewan, in the heart of Canada’s pulse-crop production area
and serve as a prime location for the manufacturing and
distribution of pulse-based ingredients to global
markets.
ADVANCEMENTS OF PLANT-BASED PROTEIN
SPECIALTY GROWTH PLATFORMThe acquisition of 100% of
Verdient Foods Inc. is the latest in a series of actions and
investments that the Company has taken to expand and advance its
plant-based proteins specialty growth platform. It also recently
announced two new senior executive appointments.
Recent Senior
Executive Appointments
- On Oct. 1, 2020, Jeremy
Xu, senior vice president and chief innovation officer,
joined the Company from Royal DSM and is responsible for research
and development and the technology strategy to advance the
specialty growth platforms, as well as overseeing
the Ingredion Idea Labs® innovation centers.
- On Aug. 31, 2020, Beth
A.C. Tormey, vice president of plant-based proteins,
joined the Company from Lonza, where she last led the consumer
health and nutrition business. At Ingredion, Tormey is
responsible for driving the global execution and delivery of
business volume, revenue and profitability targets for the
plant-based proteins platform.
Timeline of Plant-based
Protein Investments
2020
- Acquisition of 100% ownership of
Verdient Foods Inc. further accelerating growth in plant-based
proteins
- Investment in a Process Innovation Center in Bridgewater, NJ,
enabling customers to test and develop formulations, ideas and
solutions for plant-based meat alternatives
- Exclusive commercial agreement with Northern Quinoa Production
Corporation (NorQuin) to globally distribute and market quinoa
flours
2019
- Additional investments related to Verdient Foods Inc. to expand
portfolio of plant-based proteins
- Investment in Clara Foods, a San Francisco-based biotech
startup, to become exclusive, global go-to-market partner for
certain developing animal-free proteins
- Investment in a dedicated innovation lab in Englewood, CO,
focused on plant-based meat alternatives where food scientists and
product developers apply formulation expertise to help customers
accelerate product launches and improve existing recipes
2018
- Establish joint venture agreement with Verdient Foods Inc. to
produce pulse-based protein concentrates and flours from peas for
consumer food and animal nutrition applications
- Purchase facility in South Sioux City, NE, initiating
significant capital investments to transform and accelerate its
production of plant-based proteins
ABOUT INGREDIONIngredion
Incorporated (NYSE: INGR), headquartered in the suburbs of Chicago,
is a leading global ingredient solutions provider serving customers
in more than 120 countries. With 2019 annual net sales of more than
$6 billion, the Company turns grains, fruits, vegetables and other
plant-based materials into value-added ingredient solutions for the
food, beverage, animal nutrition, brewing and industrial markets.
With Ingredion Idea Labs® innovation centers around the world
and more than 11,000 employees, the Company co-creates with
customers and fulfills its purpose of bringing the potential of
people, nature and technology together to make life better.
Visit ingredion.com for more information and the latest
Company news.
CONTACTS:Investors: Tiffany Willis,
708-551-2592Media: Becca Hary, 708-551-2602
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