CENTENNIAL, COLO. — Shareholders of Penford Corp. on Jan. 29 voted to approve the Agreement and Plan of Merger with Ingredion, Inc. The transaction, valued at $340 million, originally was announced Oct. 15, 2014.
Ingredion, Inc., Westchester, Ill., expects the transaction to close in the first quarter of this year, pending regulatory approval, said Ilene Gordon, chairman and chief executive officer of Ingredion, in a Jan. 30 earnings call. Centennial-based Penford, a company involved in potato-based starches, will become a wholly owned subsidiary of Ingredion.
“This will nicely expand our product portfolio with complementary specialty ingredient solutions and will be immediately accretive to our earnings,” Ms. Gordon said.