• Acquisition positions Ingredion to deliver plant-based, low calorie sugar alternatives addressing global megatrend in the food and beverage industry to reduce sugar in consumers’ diets
• Company anticipates substantial additional stevia sales to build and accelerate global specialties growth
• Provides immediate global presence with sales in all regions
Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to diversified industries, today announced the completion of its acquisition of PureCircle Limited, the world’s leading producer and innovator of plant-based stevia sweeteners and
flavors for the food and beverage industry. PureCircle brings global innovation and manufacturing expertise, enabling Ingredion to leverage its global go-to-market model, formulation capabilities and broad ingredient portfolio.
“This is a significant step forward as we advance our Driving Growth Roadmap and further align our sugar reduction and specialty sweetener platform to the megatrends in the food and beverage industry,” said Jim Zallie, Ingredion’s president and chief executive officer. “PureCircle provides substantial growth potential that is aligned with our strategy to create long-term shareholder value. We have always had tremendous respect for the PureCircle team and the business they have built over the last two decades. We are excited to welcome them to the Ingredion family. Most importantly, our team stands ready to drive new growth opportunities that are fully aligned with consumers’ preferences for plant-based alternatives that are sustainable, good for the environment and taste great.”
Two leadership team decisions are also being announced to support this integration, effective July 1, 2020.
– Tony DeLio will serve as chief executive officer of PureCircle in addition to his current responsibilities as the chief innovation officer of Ingredion.
– SukGu Kim will become the chief financial officer of PureCircle. Most recently, Kim was the finance director for the Company’s largest region in Asia-Pacific.
“PureCircle is a renowned innovator with a proven track record for producing great-tasting, naturally based stevia and derivatives of stevia. And, they have pioneered the development of novel varieties of stevia that are both better tasting and higher yielding,” said DeLio. “Our go-to-market model and formulation expertise will be highly complementary when combined with their leading position and innovation capabilities. Through their industry leadership, PureCircle has created outstanding customer relationships, which we look forward to building upon in the future.”
PureCircle is wholly owned by Ingredion’s acquisition subsidiary, which is in turn 75%-owned by Ingredion and 25%-owned by former PureCircle shareholders. Additional information about the acquisition is presented in Ingredion’s filings with the Securities and Exchange Commission.
Citi acted as financial advisor to Ingredion and Hogan Lovells acted as its legal counsel.
Founded in 2002, PureCircle combines advanced R&D with full vertical integration from farm to high-quality, great-tasting innovative stevia sweeteners. PureCircle collaborates with the farmers who grow the stevia plants and with the food and beverage companies, which seek to improve their low- and no-
calorie formulations using a sweetener from plants. To meet growing demand for stevia sweeteners, PureCircle has ramped up its supply capability. It completed expansion of its Malaysian stevia extract facility in March 2017, increasing its capacity to rapidly supply the newer and great-tasting specialty stevia sweeteners and to provide ever-increasing value to its customers. PureCircle has offices around the world with global headquarters in Chicago, Illinois. For more information, visit: www.purecircle.com
ABOUT THE COMPANY
Ingredion Incorporated (NYSE: INGR) headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2019 annual net sales of more than $6 billion, the company turns grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion Idea Labs® innovation centers located around the world and more than 11,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of
people, nature and technology together to make life better. Visit ingredion.com for more information and the latest Company news.