Ingredion

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Ingredion Incorporated
Formerly called
Corn Products International (1906-2012)
Public
Traded as NYSEINGR
S&P 400 Component
Industry Food
Beverage
Pharmaceutical
Animal Feed
Corrugating
Paper
Textile
Health & Wellness
Founded 1906; 112 years ago (1906)
Headquarters Westchester, Illinois, United States
Key people
James Zallie
(President and CEO)
Jim Gray
(CFO)[1]
Products Sweeteners
Starches
Corn Syrups
Glucose
Oil
Revenue Increase US$ 5.83 billion (2017)
Increase US$ 842 million (2017)
Increase US$ 532 million (2017)
Total assets Increase US$ 6.08 billion (2017)
Total equity Increase US$ 2.91 billion (2017)[2]
Number of employees
~11,000 (2016)
Website www.ingredion.com
Footnotes / references
[3]

Ingredion Incorporated (formerly Corn Products International, Inc) is an ingredient provider based in Westchester, Illinois. 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.[4] It has more than 11,000 employees around the world in 44 locations, and customers in more than 60 markets in over 40 countries. In 2017, net sales were $6.18 billion.[2]

History[edit]

The company, which began as Corn Products Refining Co. and later as "CPC," was founded by the merger of leading U.S. corn refiners in 1906.[5] The company was incorporated in New Jersey.[6] It supplied the raw materials for Argo cornstarch and Mazola corn oil.[7]

CPC acquired starch factories in Europe from 1919 until 1987 when they were sold to the French sugar manufacture Béghin-Say and renamed Cerestar.[5][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]

The Bestfoods division of the company known for brands Maizena, Knorr, Hellmann's / Best Foods mayonnaise, and Skippy Peanut Butter existed from 1958 until 1997 when the company split into Bestfoods, a packaged-foods company, and Corn Products International, a starch and sweeteners company.[12] Ingredion is a Fortune 500 Company.[13] As of 2017, Ingredion has moved up to become a Fortune 500 company. [14]

In October 2010, CPI acquired National Starch of Dutch paints firm AkzoNobel for $1.3 billion in cash.[15] It also took on pension and employee benefit liabilities.[16][17] In 2015 Ingredion acquired Penford Corp,[18] and then Kerr Concentrates.[19] The following year they acquired Shandong Huanong Specialty Corn Development Co, a manufacturing plant in China.[20] In 2017 Ingredion then acquired TIC Gums as well as Sun Flour Industry Co.[18]

The combined company employs approximately 11,000 people in North America, South America, Europe, the Middle East, Africa, and Asia-Pacific.[21] It operates 44 manufacturing facilities in 14 countries and sales offices in 29 countries. Ingredion Idea Labs Research and ingredient development centers are located in key global markets. In 2012, the company was renamed Ingredion.[22] In 2016 Ingredion was named to Fortune's list of the world's most admired companies.[23] 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.[24]

References[edit]

  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". Tusla World. 
  2. ^ a b "10K 2017". 
  3. ^ "US SEC: Form 10-K Ingredion Incorporated". U.S. Securities and Exchange Commission. Retrieved February 10, 2018. 
  4. ^ "Overview | About Us | Ingredion Incorporated". ingredion.com. Retrieved June 14, 2012. 
  5. ^ a b "History". Ingredion.com. Archived from the original on June 27, 2012. Retrieved February 27, 2018. 
  6. ^ "To the Stockholders of the Corn Products Company". Commercial and Financial Chronicle. 82 (2118): x. January 27, 1906. Retrieved February 27, 2018. 
  7. ^ "Corn Products boosts work force — Peoria, IL — pjstar.com". Peoria Journal Star. Retrieved 2009-05-11. 
  8. ^ http://www.fundinguniverse.com/company-histories/Eridania-Beacute;ghinSay-SA-Company-History.html Eridania Béghin-Say company history
  9. ^ "About Us". Oberlander Electric. 
  10. ^ "An Interview with Ron Miller". Peoria Magazine. 
  11. ^ http://www.pjstar.com/article/20150421/NEWS/150429829
  12. ^ http://www.fundinguniverse.com/company-histories/Bestfoods-Company-History.html Bestfood - CPI company history
  13. ^ "390. Corn Products International". CNN Money. 
  14. ^ Fortune http://fortune.com/fortune500/ingredion/.html.  Missing or empty |title= (help)
  15. ^ "Corn Products International Acquisition of National Starch". Marketwatch. 
  16. ^ "Corn Products International Acquisition of National Starch". PreparedFoods. 
  17. ^ "National Starch merges with Corn Products International". PreparedFoods. 2012-03-01. 
  18. ^ a b Jeff Gelski (March 27, 2018). "Investing in starches". Baking Business. 
  19. ^ Malia Spencer (July 8, 2015). "Salem fruit and vegetable specialty co. sold for $100M". Portland Business Journal. 
  20. ^ https://www.asiafoodjournal.com/2016/12/ingredion-completes-acquisition-of-shandong-huanong/
  21. ^ "Ingredion Incorporated: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-08-25. 
  22. ^ "Corn Products International and National Starch are now Ingredion". FoodInnovation. 
  23. ^ "ADM ranked most admired food company by Fortune magazine". World Grain. February 19, 2016. 
  24. ^ "Ingredion CEO Ilene Gordon to retire". Crain's Chicago Business. September 18, 2017.