8th December 2020 Content supplied by: Ingredion Incorporated
Ingredion Accelerates Growth in the Plant-Based Meat Space With Strategic Acquisition
Ingredion Incorporated announced that it signed an agreement to acquire the remaining portion of ownership in Verdient Foods Inc., a processor of proteins, starches and fibres from pulse crops. The transaction was funded from the company's available liquidity. No other terms of the transaction were disclosed.
As a result of the acquisition, Ingredion will operate two facilities 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 and will serve as a prime location for the manufacturing and distribution of pulse-based ingredients to global markets.
The acquisition of 100% of Verdient Foods Inc. is the latest in a series of actions and investments that Ingredion has taken to expand and advance its plant-based proteins specialty growth platform.
In 2020 Ingredion invested in a Process Innovation Center in Bridgewater, NJ, for the development of plant-based meat alternatives, and entered an exclusive commercial agreement with Northern Quinoa Production Corporation (NorQuin) to globally distribute and market quinoa flours.
In 2019, the company invested in Clara Foods, a San Francisco-based biotech start-up, to become exclusive, global go-to-market partner for the development of animal-free proteins.
“Acquiring 100% 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,” said Jim Zallie, Ingredion’s president and chief executive officer. “Over the last two years, we have strategically invested over $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.”
Vertient Foods Director Jim Cameron stated: "Ingredion is truly committed to breakthrough, innovative and sustainable plant-based solutions, and to revolutionizing food systems for the health of the planet. Our collective efforts and shared vision are about igniting change and delivering benefits to consumers around the world.”
Date Published: 8th December 2020
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