WESTCHESTER, ILL. — Ingredion, Inc. has signed an agreement with Grupo Arcor to create a joint venture that will broaden food and beverage ingredient offerings to customers in Argentina, Chile and Uruguay.

Under terms of the agreement, Grupo Arcor will hold a 51% stake in the joint venture while Ingredion will hold a 49% stake. The joint venture will have combined revenues of more than $300 million and will be managed by a jointly appointed team of executives, the companies said.

Buenos Aires-based Grupo Arcor has agreed to transfer its ingredient operations to the joint venture, which includes one manufacturing facility in Lules (province of Tucumán) and two manufacturing facilities in the Industrial Complex Arroyito (province of Córdoba).

Ingredion, meanwhile, will transfer its Argentina, Chile and Uruguay operations to the joint venture, which includes two manufacturing facilities in the districts of Chacabuco and Baradero (province of Buenos Aires). Ingredion’s manufacturing facilities produce value-added ingredients, such as glucose syrups, maltose, fructose, starch and maltodextrins that are essential to the food, beverage and pharmaceutical industries.

“We are pleased to announce our joint venture with Grupo Arcor, a leader and pioneer in the food industry,” said Jorge Elías, president of Ingredion’s South America region. “We share similar values and are passionate about creating a world-class experience and offering ingredient solutions that deliver value for our customers. We look forward to combining Ingredion’s successful go-to-market team with our respective operations to strengthen our future for years to come.”

Modesto Magadan, agribusiness general manager at Arcor, added, “Our alliance with Ingredion is a major step in the process of growing and consolidating the Group’s ingredients business. In this way, Grupo Arcor strengthens its position as a company that invests and grows in the country on a continuous basis through three business divisions: Consumer Product Goods (Confectionery, Chocolate, Cookies and Crackers, and Food Products), Agribusiness, and Packaging.

Grupo Arcor is the main confectionery exporter in Argentina, Chile and Peru. The company has more than 40 industrial plants and employs nearly 20,000 collaborators with annual revenues of more than $2.5 billion. In addition to Ingredion, Grupo Arcor is in alliances with Grupo Bimbo and The Coca-Cola Co.