The acquisition supports Ingredion’s specialty ingredients business in China and has been approved by the company’s board of directors. It is subject to approval by Chinese government authorities as well as to other customary closing conditions. Shandong Huanong Specialty Corn Development has 146 employees.
“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.”
Ingredion, a provider of ingredient solutions to diversified industries, has entered into a definitive agreement with Pingyuan County Juyuan State-Owned Asset Management to acquire the state-owned Shandong Huanong Specialty Corn Development in Pingyuan County, Shandong Province, China.