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Ingredion

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Ingredion Incorporated
FormerlyCorn Products International (1906-2012)
Company typePublic
NYSE: INGR
S&P 400 Component
IndustryFood
Beverage
Pharmaceutical
Animal Feed
Corrugating
Paper
Textile
Health & Wellness
Founded1906; 118 years ago (1906)
HeadquartersWestchester, Illinois, United States
Key people
James Zallie
(President and CEO)
Jim Gray
(CFO)[1]
ProductsSweeteners
Starches
Corn Syrups
Glucose
Oil
RevenueIncrease US$ 5.84 billion (2017)
Increase US$ 703 million (2017)
Increase US$ 454 million (2017)
Total assetsIncrease US$ 5.73 billion (2017)
Total equityIncrease US$ $2.41 billion (2017)[2]
Number of employees
11,000[3] (2017)
Websitewww.ingredion.com
Footnotes / references
[4]

Ingredion Incorporated is an American multinational ingredient provider based in Westchester, Illinois producing mainly starch, modified starches and starch sugars as glucose syrup and high fructose syrup.[3]

The company turns corn, tapioca, potatoes, and other vegetables and fruits into ingredients for the food, beverage, brewing, and pharmaceutical industries and numerous industrial sectors.[5] It has more than 11,000 employees around the world in 44 locations, and customers in more than 60 markets in over 40 countries.[2]

History

The company, which began as Corn Products Refining Co. and later as "CPC," was founded by the merger of leading US corn refiners in 1906.[6] The company was incorporated in New Jersey.[7] It supplied the raw materials for Argo cornstarch and Mazola corn oil.[8]

In 1981, CPC formed a partnership with Texaco to produce bioethanol at a plant in Pekin, Illinois.[9] In 1995, the plant was sold to Williams Companies and, in 2003, continued as Aventine Renewable Energy.[10] The company has a facility in nearby Mapleton, Illinois, along U.S. Route 24, which is part of an industrial area, a major area employer.[11]

CPC acquired starch factories in Europe from 1919 until 1987 when they were sold for $600 million to the Italian French sugar manufacture Eridania Béghin-Say owned by Ferruzzi and renamed Cerestar.[6][12] Cerestar is sold in 2002 to Cargill for $1.14 billion having a turnover of $1.56 billion in 2000.[13]

The Bestfoods division of the company known for brands Maizena, Knorr, Hellmann's / Best Foods mayonnaise and Skippy Peanut Butter existed as a division from 1958 until 1997 when the company split into 2 companies: Bestfoods, a packaged-foods company, and Corn Products International, a starch and sweeteners company.[14] Bestfoods was acquired for $24.3 billion in 2000 by Unilever.[15]

In October 2010, CPI acquired starch part of National Starch from Dutch paints firm AkzoNobel for $1.3 billion in cash.[16] It also took on pension and employee benefit liabilities.[17][18] National Starch had a turn-over of $1.2 billion in 2009 with 2250 employees operating 11 plants in 8 countries.[19] AkzoNobel had acquired division National starch after the take-over of chemical company ICI in 2008. National Starch was from 1978 till 1997 part of specialty chemical businesses of Unilever before it was sold to ICI.[20] National Starch was founded in 1895 as an adhesive company and expanded in 1939 into the starch production with the aquistion of Piel Brothers Starch Co. [21]

As of 2012, Ingredion has moved up to become a Fortune 500 company [22][23] and was renamed Ingredion.[24]

Recent aquisitions:

  • 2015 Penford Corp for $340 million [25] and then Kerr Concentrates for $100 million.[26] Penford produced mainly potato starch derivatives had a turn-over of $467 million with 445 employees in 2014 in six plants. Kerr Concentrates makes fruit and vegetables concentrates and purees and had a turnover of $75 million and 82 employees.[27]
  • 2016 Shandong Huanong Specialty Corn Development Co, a corn starch manufacturing plant in China.[28]
  • 2017 TIC Gums as well as Sun Flour Industry Co, a Thai rice starch and flour company.[25]
  • 2019 Western Polymer, a US side stream potato starch manufacturer mainly cationic starch for the paper industry. Western Polymer employed about 70 people at 3 sites.[29][30]
  • 2020 PureCircle, a stevia sweetners maker,[31] with Ingredion owning 75% of the new subsidiary.[32]

In 2018 Ingredion began a joint venture with Verdient Foods to increase its investment in plant-based proteins,[33] and also began manufacturing and producing Astraea Allulose.[34]

In 2019, Ingredion led the series B venture capital raising for Clara Foods, a company developing a animal(chicken)-free egg white protein based on fermentation.[35]

In 2020 Ingredion began marketing Canadian company NorQuin’s quinoa products.[36] It also invested $200 million into plant-based meat substitutes.[37] Ingredion also began development on a plant-based protein manufacturing plant in South Sioux City, Nebraska.[38] In 2020, Ingredion also acquired Verdient Foods.[39]

From 2009 to 2017 the president and CEO of the company was Ilene S. Gordon. Upon her retirement, James Zallie was named to the position of president and CEO.[40]The combined company employs approximately 11,000 people in North America, South America, Europe, the Middle East, Africa, and Asia-Pacific [41] and operates 44 manufacturing facilities in 14 countries.

Recognition

The company was named the “World's Most Ethical Company” in 2014 by the Ethisphere Institute.[42] Ingredion has also been listed as one of Fortune magazine’s “most admired companies”.[43]

References

  1. ^ Rhett Morgan (December 20, 2017). "Fortune 500 company brings 60 jobs to downtown Tulsa - Fortune 500 business Ingredion brings 60 jobs to downtown offices". Tulsa World.
  2. ^ a b "0001558370-19-000999 | 10-K". Ingredion Incorporated.
  3. ^ a b "Ingredion". Fortune. Retrieved 2018-12-31.
  4. ^ "US SEC: Form 10-K Ingredion Incorporated". U.S. Securities and Exchange Commission. Retrieved February 10, 2018.
  5. ^ "Overview | About Us | Ingredion Incorporated". ingredion.com. Archived from the original on June 21, 2012. Retrieved June 14, 2012.
  6. ^ a b "History". Ingredion.com. Archived from the original on June 27, 2012. Retrieved February 27, 2018.
  7. ^ "To the Stockholders of the Corn Products Company". Commercial and Financial Chronicle. 82 (2118): x. January 27, 1906. Retrieved February 27, 2018.
  8. ^ "Corn Products boosts work force — Peoria, IL — pjstar.com". Peoria Journal Star. Retrieved 2009-05-11.
  9. ^ "About Us". Oberlander Electric. Archived from the original on 2013-08-04. Retrieved 2014-03-12.
  10. ^ "An Interview with Ron Miller". Peoria Magazine.
  11. ^ Star, Victoria Berkow of the Journal. "Progress: Follow the yellow brick road...all the way to Mapleton and its 'Wizard of Oz' garden". Journal Star.
  12. ^ http://www.fundinguniverse.com/company-histories/Eridania-Beacute;ghinSay-SA-Company-History.html Eridania Béghin-Say company history
  13. ^ "Cargill VP explains reasons behind Cerestar purchase, foodnavigator.com, April 9 2002".
  14. ^ http://www.fundinguniverse.com/company-histories/Bestfoods-Company-History.html Bestfood - CPI company history
  15. ^ "Unilever nabs Bestfoods for $24.3B - Jun. 6, 2000". money.cnn.com.
  16. ^ "Corn Products International Acquisition of National Starch". Marketwatch.
  17. ^ "Corn Products International Acquisition of National Starch". PreparedFoods.
  18. ^ "National Starch merges with Corn Products International". PreparedFoods. 2012-03-01.
  19. ^ "Corn Products International to Acquire National Starch for $1.3 Billion in Cash, to Create a Nearly $5 Billion Global Ingredient Solutions Leader". www.businesswire.com. June 21, 2010.
  20. ^ "History of National Starch and Chemical Company – FundingUniverse". www.fundinguniverse.com.
  21. ^ National Starch and Chemical Company History, http://www.fundinguniverse.com, visited Januari 30 2021
  22. ^ "Ingredion". Fortune.
  23. ^ "390. Corn Products International". CNN Money.
  24. ^ "Corn Products International and National Starch are now Ingredion". FoodInnovation.
  25. ^ a b Jeff Gelski (March 27, 2018). "Investing in starches". Baking Business.
  26. ^ Malia Spencer (July 8, 2015). "Salem fruit and vegetable specialty co. sold for $100M". Portland Business Journal.
  27. ^ "Top Company Profile: Kerr Concentrates Inc, Salem OR". NAICS Association.
  28. ^ "Account Suspended". www.asiafoodjournal.com.
  29. ^ "Western Polymer Corp". PotatoPro. October 15, 2013.
  30. ^ Ingredion Acquires Western Polymer Expanding Capacity For Higher-Value Specialty Ingredients, ingredioncorporated.com, 03/01/2019
  31. ^ https://www.powderbulksolids.com/food-beverage/ingredion-closes-acquisition-stevia-sweeteners-maker
  32. ^ https://www.ift.org/news-and-publications/news/2020/july/02/ingredion-completes-acquisition-of-purecircle
  33. ^ Garcia, Tonya. "Ingredion invests $140 million for plant-based proteins". MarketWatch.
  34. ^ "Ingredion unveils its first allulose plant in Latin America". foodnavigator-latam.com.
  35. ^ Rowland, Michael Pellman. "Clara Foods Secures Series B Financing Led By Ingredion, Fast-Tracking Animal-Free Protein Development". Forbes.
  36. ^ https://www.fooddive.com/news/ingredion-signs-global-quinoa-flour-distribution-deal-with-norquin/577905/
  37. ^ https://www.foodbev.com/news/ingredion-invests-to-expand-its-plant-based-protein-portfolio/
  38. ^ https://www.foodbusinessnews.net/articles/16871-ingredion-unveils-plant-based-protein-manufacturing-plant
  39. ^ https://www.fooddive.com/news/ingredion-takes-full-ownership-of-plant-based-protein-maker-verdient-foods/588447/
  40. ^ "Ingredion CEO Ilene Gordon to retire". Crain's Chicago Business. September 18, 2017.
  41. ^ "Ingredion Incorporated: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-08-25.
  42. ^ https://www.foodingredientsfirst.com/news/ingredion-kellogg-and-pepsico-on-2014-ethical-company-list.html
  43. ^ https://www.world-grain.com/articles/6043-adm-ranked-most-admired-food-company-by-fortune-magazine
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