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.
