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|INGREDION COMPLETES ACQUISITION OF SHANDONG HUANONG SPECIALTY CORN DEVELOPMENT CO., LTD. IN CHINA|
WESTCHESTER, Ill., Nov. 29, 2016 - Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to diversified industries, announced today that it has successfully completed the acquisition of Shandong Huanong Specialty Corn Development Co., Ltd. in China.
"This acquisition will vertically integrate our manufacturing base for specialty ingredients. In addition to reducing costs, it gives us more control of the supply chain, with added food safety and sustainability benefits. The facility is strategically located in an ideal growing area for the specialty grains used to make our ingredients. And, it provides a base for expansion to accommodate future growth," explained Jorgen Kokke, Ingredion President of Asia Pacific and EMEA.
The acquisition of Shandong Huanong, located in Shandong Province, adds a second manufacturing facility to Ingredion's operations in China. It will produce starch raw material for the Company's plant in Shanghai, which makes value-added ingredients for the food industry.
Ingredion acquired Shandong Huanong from Pingyuan County Juyuan State-Owned Asset Management Co., Ltd. The terms of the agreement will not be disclosed.
Investors: Heather Kos, 708-551-2592
Media: Claire Regan, 708-551-2602