WESTCHESTER, ILL. — Ingredion Inc. has entered into a definitive agreement with Pingyuan County Juyuan State-Owned Asset Management Co., Ltd. to acquire the state-owned Shandong Huanong Specialty Corn Development Co., Ltd. in Pingyuan County, Shandong Province, China. Financial terms of the transaction were not disclosed.
Ingredion said the acquisition supports its specialty ingredients business in China and has been approved by the company’s board of directors. The transaction remains subject to approval by Chinese government authorities as well as to other customary closing conditions.
|Jorgen Kokke, Ingredion senior v.p. and president, Asia Pacific and EMEA|
“This acquisition is another step in executing our strategic blueprint for growth,” said Jorgen Kokke, Ingredion senior vice-president and president, Asia Pacific and EMEA. “It enhances our capacity in the Asia-Pacific region with a vertically integrated manufacturing base for specialty ingredients. China is a growing market for our specialty starches, and this acquisition provides a base for further expansion to accommodate future market growth in China and across Asia Pacific.”Shandong Huanong Specialty Corn Development Co., Ltd. has 146 employees.