WESTCHESTER, ILL. — Ingredion, Inc. on March 11 said it has completed its acquisition of Penford Corp., a supplier of specialty ingredients, including potato starch, for food and non-food applications.
Penford common stock has ceased trading on the NASDAQ. Penford, based in Centennial, Colo., will be incorporated into Ingredion’s $3.1 billion North American business led by Jim Zallie, Ingredion’s executive vice-president of global specialties and president of North America and EMEA (Europe, Middle East and Africa).
Tom Malkoski, president and chief executive officer of Penford, will join Ingredion as a senior adviser on strategic projects to promote specialties growth. He will report to Ilene Gordon, chairman and chief executive officer of Ingredion.
“This is a great opportunity for Ingredion,” Ms. Gordon said. “Penford’s expertise in potato starch, non-starch texturizers (hydrocolloids) and green solutions expands our capabilities to address growing consumer trends. Plus, their complementary portfolio of higher-value specialty ingredients will take us into new and profitable sectors. We are looking forward to a bright future together.”Westchester-based Ingredion on Oct. 15, 2014, originally announced it had agreed to buy Penford for about $340 million.