WESTCHESTER, Ill., Aug. 17, 2016 - Ingredion Incorporated (NYSE: INGR), a
leading global provider of ingredient solutions to diversified industries,
announced today that it has entered into a definitive agreement to acquire the
rice starch and rice flour business from Sun Flour Industry Co, Ltd. based in
The acquisition supports Ingredion's global strategy to increase its higher-
value specialty ingredients business and has been approved by the Company's
board of directors. It is subject to approval by Thai government authorities as
well as to other customary closing conditions. Details of the transaction have
not been disclosed.
"Rice is an on-trend ingredient. It is non-GMO, hypoallergenic and gluten free.
Plus, its superior functionality makes it ideal for a variety of uses, including
baby foods, dairy products, snacks and gluten-free bakery," said Jorgen Kokke,
Ingredion senior vice president and president, Asia Pacific and EMEA. "This
acquisition enhances our global supply chain and leverages other capital
investments we've made in Thailand to grow our specialty ingredients and service
customers around the world," Kokke added.
Sutipong Sitapradit, founder and president of Sun Flour Industries, said, "Sun
Flour Industries has been an integral part of Thailand's agricultural history,
and is renowned for its quality. Ingredion's global presence is a growth
opportunity for the rice business. It provides career opportunities for the
employees and helps position Thailand as a production and export base for value-
added, rice-based food ingredients."
Once the acquisition is complete, Ingredion will have four manufacturing
facilities and 870 employees in Thailand, including the 120 employees joining
the Company from Sun Flour.
Ingredion Incorporated (NYSE: INGR) is a leading global ingredient solutions
provider. We turn corn, tapioca, potatoes and other vegetables and fruits into
value-added ingredients and biomaterial solutions for the food, beverage, paper
and corrugating, brewing and other industries. Serving customers in over 100
countries, our ingredients make yogurts creamy, candy sweet, paper stronger and
face creams silky. Visit Ingredion.com to learn more.
Investors: Heather Kos, 708-551-2592
Media: Claire Regan, 708-551-2602
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Source: Ingredion Incorporated via GlobeNewswire
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