INGREDION COMPLETES ACQUISITION OF PENFORD CORPORATION
(Thomson Reuters ONE) -
WESTCHESTER, Ill., March 11, 2015 - Ingredion Incorporated (NYSE: INGR), a
leading global provider of ingredient solutions to diversified industries,
announced today that it has successfully completed the acquisition of Penford
Corporation, a U.S.-based leader in specialty ingredients for food and non-food
applications.
"This is a great opportunity for Ingredion. Penford''s expertise in potato
starch, non-starch texturizers (hydrocolloids) and green solutions expands our
capabilities to address growing consumer trends. Plus, their complementary
portfolio of higher-value specialty ingredients will take us into new and
profitable sectors. We are looking forward to a bright future together," said
Ilene Gordon, Ingredion chairman and CEO.
"We will begin the integration immediately to capture synergies, provide a
broader offering of higher-value specialty products to our customers around the
world and continue to deliver shareholder value," Gordon added.
The integration is expected to generate annual cost synergies of at least $20
million, primarily from efficiencies in the areas of manufacturing, procurement,
logistics and general and administrative functions. Excluding one-time costs,
the transaction is expected to be $0.08 - $0.12 accretive to earnings on a per
share basis in 2015.
Penford common stock has ceased trading on the NASDAQ Stock Market. Penford
will be incorporated into Ingredion''s $3.1 billion North American business, led
by Jim Zallie, Ingredion executive vice president of global specialties and
president of North America and EMEA. Tom Malkoski, Penford''s president and
chief executive officer, will join Ingredion as a senior advisor on strategic
projects to promote specialties growth. Reporting to Ingredion CEO Gordon,
Malkoski will also support the integration of Penford.
ABOUT INGREDION
Ingredion Incorporated (NYSE:INGR) is a leading global ingredients solutions
provider specializing in nature-based sweeteners, starches and nutrition
ingredients. With customers in more than 100 countries, Ingredion serves
approximately 60 diverse sectors in food, beverage, brewing, pharmaceuticals and
other industries. For more information, visit ingredion.com.
Forward-Looking Statements
This news release contains or may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The Company intends
these forward-looking statements to be covered by the safe harbor provisions for
such statements.
Forward-looking statements include, among other things, any statements regarding
the Company''s prospects or future financial condition, earnings, revenues, tax
rates, capital expenditures, expenses or other financial items, any statements
concerning the Company''s prospects or future operations, including management''s
plans or strategies and objectives therefor and any assumptions, expectations or
beliefs underlying the foregoing.
These statements can sometimes be identified by the use of forward looking words
such as "may," "will," "should," "anticipate," "believe," "plan," "project,"
"estimate," "expect," "intend," "continue," "pro forma," "forecast," "outlook"
or other similar expressions or the negative thereof. All statements other than
statements of historical facts in this release or referred to in this release
are "forward-looking statements."
These statements are based on current expectations, but are subject to certain
inherent risks and uncertainties, many of which are difficult to predict and are
beyond our control. Although we believe our expectations reflected in these
forward-looking statements are based on reasonable assumptions, stockholders are
cautioned that no assurance can be given that our expectations will prove
correct.
Actual results and developments may differ materially from the expectations
expressed in or implied by these statements, based on various factors, including
the effects of global economic conditions, including, particularly, continuation
or worsening of the current economic, currency and political conditions in South
America and economic conditions in Europe, and their impact on our sales volumes
and pricing of our products, our ability to collect our receivables from
customers and our ability to raise funds at reasonable rates; fluctuations in
worldwide markets for corn and other commodities, and the associated risks of
hedging against such fluctuations; fluctuations in the markets and prices for
our co-products, particularly corn oil; fluctuations in aggregate industry
supply and market demand; the behavior of financial markets, including foreign
currency fluctuations and fluctuations in interest and exchange rates; continued
volatility and turmoil in the capital markets; the commercial and consumer
credit environment; general political, economic, business, market and weather
conditions in the various geographic regions and countries in which we buy our
raw materials or manufacture or sell our products; future financial performance
of major industries which we serve, including, without limitation, the food and
beverage, pharmaceuticals, paper, corrugated, textile and brewing industries;
energy costs and availability, freight and shipping costs, and changes in
regulatory controls regarding quotas, tariffs, duties, taxes and income tax
rates; operating difficulties; availability of raw materials, including tapioca
and the specific varieties of corn upon which our products are based; energy
issues in Pakistan; boiler reliability; our ability to effectively integrate and
operate acquired businesses; our ability to achieve budgets and to realize
expected synergies; our ability to complete planned maintenance and investment
projects successfully and on budget; labor disputes; genetic and biotechnology
issues; changing consumption preferences including those relating to high
fructose corn syrup; increased competitive
and/or customer pressure in the corn-refining industry; and the outbreak or
continuation of serious communicable disease or hostilities including acts of
terrorism. Factors relating to the acquisition of Penford Corporation that
could cause actual results and developments to differ from expectations
include: the anticipated benefits of the acquisition, including synergies, may
not be realized; and the integration of Penford''s operations with those of
Ingredion may be materially delayed or may be more costly or difficult than
expected.
Our forward-looking statements speak only as of the date on which they are made
and we do not undertake any obligation to update any forward-looking statement
to reflect events or circumstances after the date of the statement as a result
of new information or future events or developments. If we do update or correct
one or more of these statements, investors and others should not conclude that
we will make additional updates or corrections. For a further description of
these and other risks, see "Risk Factors" included in our Annual Report on Form
10-K for the year ended December 31, 2014 and subsequent reports on Forms 10-Q
and 8-K.
###
CONTACT:
Investors: Heather Kos, 708-551-2592
Media: Claire Regan, 708-551-2602
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ingredion Incorporated via GlobeNewswire
[HUG#1902130]
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Datum: 11.03.2015 - 08:51 Uhr
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