Ingredion Acquires 100% of Verdient Foods
Ingredion announced that it signed an agreement with James Cameron and Suzy Amis Cameron to acquire the remaining portion of ownership in Verdient Foods Inc. that the Company did not already own. The acquisition is expected to close this month. The transaction was funded from the company’s available liquidity. No other terms of the transaction were disclosed.
“Acquiring 100% ownership in Verdient Foods enables Ingredion to accelerate net sales growth, further expand our manufacturing capability and co-create with our customers to serve the increasing consumer demand for plant-based foods,” said Jim Zallie, Ingredion’s president and CEO. “Over the last two years, we have strategically invested over USD200m to build a leadership position in consumer-preferred plant-based proteins, which is central to Ingredion’s strategy and accelerating our Driving Growth Roadmap. We look forward to building on the foundation set by James and Suzy Amis Cameron, who have been pioneers in driving transformational change in the food industry and creating a shared sustainable future for all.”
Valdirene Licht, Ingredion’s senior vice president and president, Asia-Pacific added: “In Asia-Pacific, we are seeing the plant-based trend starting to go from niche to mainstream. Our recent proprietary consumer research indicates that one-third of the population in the region is already adopting a meat minimizing diet. From this strategic investment in Verdient, our region will benefit from large-scale plant-based protein supply and continued innovation to accelerate our presence in the region.”
As a result of the acquisition and once construction is complete on an adjacent facility, Ingredion will operate two facilities that can produce a wide range of high-quality, sustainable, specialty pulse-based concentrates and flours from peas, lentils and fava beans. Both facilities are located in Vanscoy, Saskatchewan, in the heart of Canada’s pulse-crop production area and serve as a prime location for the manufacturing and distribution of pulse-based ingredients to global markets.