Ingredion to Acquire Shandong Huanong Specialty Corn Development In China
05 Feb 2016 --- Ingredion Incorporated (NYSE: INGR), provider of ingredient solutions to diversified industries, has announced that it has entered into a definitive agreement with Pingyuan County Juyuan State-Owned Asset Management Co., Ltd. to acquire the state-owned Shandong Huanong Specialty Corn Development Co., Ltd. in Pingyuan County, Shandong Province, China.
The acquisition supports Ingredion's specialty ingredients business in China and has been approved by the Company's board of directors. It is subject to approval by Chinese government authorities as well as to other customary closing conditions. Details of the transaction have not been disclosed.
"This acquisition is another step in executing our strategic blueprint for growth. It enhances our capacity in the Asia-Pacific region with a vertically integrated manufacturing base for specialty ingredients," said Jorgen Kokke, Ingredion senior vice president and president, Asia Pacific and EMEA. "China is a growing market for our specialty starches, and this acquisition provides a base for further expansion to accommodate future market growth in China and across Asia Pacific."
Madame Wang Hong Xia, Pingyuan County Head, said, "We welcome Ingredion as an investor in Pingyuan County. Their investment provides excellent growth and development opportunities for the work force and local economy."
Shandong Huanong Specialty Corn Development Co., Ltd. has 146 employees.
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Ingredion is a leading global ingredients solutions company. We make sweeteners, starches, nutrition ingredients and biomaterials that are used by customers in everyday products from foods and beverages to paper and pharmaceuticals.
We turn grains, fruits, vegetables and other plant materials into ingredients that make crackers crunchy, candy sweet, yogurt creamy, lotions and creams silky, plastics biodegradable and tissues softer and stronger. Our innovative ingredient solutions help customers stay on trend with simple ingredients and gluten-free or high-fibre foods that appeal to today's consumers.
Grounded in our values of Care First, Be Preferred, Everyone Belongs, Innovate Boldly and Owner's Mindset, we employ approximately 11,000 employees around the world. Our customers operate in more than 120 countries and represent 60 diverse sectors, including food, beverage, paper and corrugating, brewing and other industries.
