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Ingredion acquires100% ownership accelerating growth in plant based protein
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Friday, 13 November, 2020, 08 : 00 AM [IST]
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Singapore
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Ingredion Incorporated 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.
Jim Zallie, president and CEO, Ingredion, said, “Acquiring 100 per cent 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. Over the last two years, we have strategically invested over $200 million 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 are well positioned to continue capitalizing on and benefiting from the megatrends driving the changes in the global food and beverage industry. 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, senior vice president, and president AsiaPacific, Ingredion, said, “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 minimising 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.”
Eric Weisser, senior director, growth platforms and marketing, Asia-Pacific, Ingredion, said, “With more and more food and beverage segments now keen on plant-based alternatives, having a breadth of plant-based protein ingredients bolsters our formulation capabilities to resolve the challenges our customers face when replicating the functionality of the proteins. The inherent nutritional profile of pulse flours and concentrates is also well positioned to spur product innovations within the betterfor-you space.”
Jim Cameron stated, "Ingredion is truly committed to breakthrough, innovative and sustainable plant based solutions, and to revolutionising food systems for the health of the planet. Our collective efforts and shared vision are about igniting change and delivering benefits to consumers around the world.”
As a result of the acquisition and once construction is complete on an adjacent facility, the Company will operate two facilities that can produce a wide range of high-quality, sustainable, specialty pulse-based concentrates and flours from peas, lentils and faba 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.
Advancement of plant – based protein specialty growth platform
The acquisition of 100 per cent of Verdient Foods Inc. is the latest in a series of actions and investments that the company has taken to expand and advance its plant-based proteins specialty growth platform. It also recently announced two new senior executive appointments.
Recent Senior Executive Appointments
On 1 October, 2020, Jeremy Xu, senior vice president and chief innovation officer, joined the company from Royal DSM and is responsible for research and development and the technology strategy to advance the specialty growth platforms, as well as overseeing the Ingredion Idea Labs® innovation centres.
On 31 August, 2020, Beth A.C. Tormey, vice president of plant-based proteins, joined the company from Lonza, where she last led the consumer health and nutrition business. At Ingredion, Tormey is responsible for driving the global execution and delivery of business volume, revenue and profitability targets for the plant-based proteins platform.
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