Ingredion to acquire Shandong-based company

IN LINE with growth targets in Asia Pacific, Ingredion Incorporated (NYSE: INGR) said it will acquire Shandong Huanong Specialty Corn Development Co., Ltd, a state-owned company with 146 employees.

Ingredion announced the news following the definitive agreement with Pingyuan County Juyuan State-Owned Asset Management Co., Ltd.

Authorized by the board of directors, the acquisition will expand Ingredion’s specialty ingredients business in China. At this point it is subject to approval by Chinese government authorities as well as to other customary closing conditions.

“This acquisition is another step in executing our strategic blueprint for growth. It enhances our capacity in the Asia-Pacific region with a vertically integrated manufacturing base for specialty ingredients,” said Jorgen Kokke, Ingredion senior vice president and president, Asia Pacific and EMEA. “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.”

Madame Wang Hong Xia, head of Pingyuan County said Ingredion’s investment is expected to bring growth and development opportunities to the local economy.