Ingredion to acquire Penford, a supplier of specialty ingredients
The purchase is said to expand Ingredion's higher-value specialty portfolio, establish manufacturing of specialty potato starches in North America, and build its presence in nature-based hydrocolloid ingredients.
Press release
WESTCHESTER, Ill., October 15, 2014 – Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to diversified industries, announced today that it has entered into a definitive agreement to acquire Penford Corporation (NASDAQ: PENX), a U.S.-based leader in specialty ingredients for food and non-food applications.
The acquisition has been approved by the boards of directors of both companies. It is subject to approval by Penford’s shareholders and regulators as well as to other customary closing conditions and could close as early as the end of the year. Ingredion expects to fund the approximately $340 million cash transaction with available cash and funds available under existing credit facilities.