Penford acquires Gum Technology Corp.
Penford Corp., a supplier of ingredient systems for food and industrial applications, announced in March that it has entered into an agreement to acquire Gum Technology, a privately held gum and hydrocolloids distribution, blending and services company. Gum Technology serves primarily the food and beverage industries.
“Gum Technology’s product line and reputation for outstanding customer service will broaden Penford’s portfolio of functional and specialty ingredient systems for existing customers and open new segments to the company,” said CEO Tom Malkoski, Penford Corp., Centennial, Colo. “We see opportunities in food and industrial bio-products for high value, specialized products from the combination of our product lines and customer relationships.”
Gum Technology, Tucson, Ariz., markets a range of gums and other hydrocolloids throughout North America and Asia. The company specializes in developing and producing customized stabilizers to meet customers’ product formulation needs. Gum Technology’s products are found in dairy and beverage applications and in a wide variety of food products.
“With Penford’s resources and product knowledge, we can immediately begin advancing Gum Tech’s GumPlete line of gum-starch blends,” said Allen Freed, CEO of Gum Technology.
The acquisition was expected to close in late March, subject to certain conditions.