Ingredion inks deal with James Cameron for Verdient Foods acquisition

02 Nov 2020 --- Ingredion has signed an agreement with Oscar-winning film director James Cameron and Suzy Amis Cameron to acquire the remaining portion of ownership in Verdient Foods Inc. The transaction is expected to close this month and expand the company’s reach in the plant-based market.

The transaction is funded from the company’s available liquidity and no other financial details have been disclosed.

“Over the last two years, we have strategically invested over US$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,” says Jim Zallie, Ingredion’s president and CEO.

“Acquiring 100 percent 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.”

Over the last two years, Ingredion has strategically invested over US$200 million in consumer-preferred plant-based proteins.Once construction is complete on a new adjacent facility, the company will operate two sites 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. These serve as a primary location for the manufacturing and distribution of pulse-based ingredients to global markets. 

Ingredion entered into a joint venture with Verdient Foods in December 2018. At the time, Zallie said the company had identified plant-based proteins as a high-growth, high-value market opportunity that is on-trend with consumers’ desire to find sustainable and good tasting alternatives to animal-based proteins. 

Ingredion’s plant-based protein platform advancements
The acquisition of Verdient Foods Inc. is the latest in a series of actions and investments the company has taken to expand and advance its plant-based proteins specialty growth platform. 

This year, the company made an investment in a Process Innovation Center in New Jersey, US, enabling customers to test and develop formulations, ideas and solutions for plant-based meat alternatives.

The company also signed an exclusive commercial agreement with Northern Quinoa Production Corporation to globally distribute and market quinoa flours.

Among other plant-based portfolio expansions, Ingredion made an investment in Clara Foods, a San Francisco-based biotech startup, to become an exclusive partner for developing animal-free proteins.

As plant-based trends reach global phenomenon status, Innova Market Insights spotlights a renewal of 2020’s “Plant-Based Revolution Trend” in it’s recently unveiled Top Ten Trends for 2021. 

Edited by Benjamin Ferrer