Ingredion

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Ingredion Incorporated
FormerlyCorn Products Refining Co. (1906-1958)
Corn Products Company (1958-1969)
CPC International (1969-1997)
Corn Products International (1997-2012)
TypePublic
NYSEINGR
S&P 400 Component
IndustryFood
Beverage
Pharmaceutical
Animal Feed
Corrugating
Paper
Textile
Health & Wellness
Founded1906; 116 years ago (1906) (as Corn Products Refining Co.)
1997; 25 years ago (1997) (current company by spin-off)
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
12,000[3][4] (2017)
Websitewww.ingredion.com
Footnotes / references
[5]

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] In 2021, Ingredion was ranked second in the Modified Starch category of the Global Food Thickener Companies list and second on the Top 50 Global Sweetener Companies list by FoodTalks.[6][7]

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.[8] It has about 12,000 employees across in 44 locations, and customers in excess of 40 countries.[2]

History[edit]

Logo as CPC International (1997)

The company, which began as Corn Products Refining Co. and later as "CPC International," was founded by the merger of leading US corn refiners in 1906.[9] The company was incorporated in New Jersey.[10] It supplied the raw materials for Argo cornstarch and Mazola corn oil.[11]

In 1981, CPC formed a partnership with Texaco to produce bioethanol at a plant in Pekin, Illinois.[12] In 1995, the plant was sold to Williams Companies and, in 2003, continued as Aventine Renewable Energy.[13] 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.[14]

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.[9][15] Cerestar is sold in 2002 to Cargill for $1.14 billion having a turnover of $1.56 billion in 2000.[16]

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 CPC International renaming itself Bestfoods, focusing in packaged food products, and spun-off the corn-refining business into Corn Products International.[17] Bestfoods was acquired for $24.3 billion in 2000 by Unilever.[18]

Acquisitions in the 2010s[edit]

In October 2010, CPI acquired starch part of National Starch from Dutch paints firm AkzoNobel for $1.3 billion in cash.[19] It also took on pension and employee benefit liabilities.[20][21] National Starch had a turn-over of $1.2 billion in 2009 with 2250 employees operating 11 plants in 8 countries.[22] 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.[23] National Starch was founded in 1895 as an adhesive company and expanded in 1939 into the starch production with the acquisition of Piel Brothers Starch Co.[24]

As of 2012, Ingredion has moved up to become a Fortune 500 company [25][26] and was renamed Ingredion.[27]

In 2015 they acquired Penford Corp for $340 million [28] and then Kerr Concentrates for $100 million.[29] 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.[30] In 2016 they acquired Shandong Huanong Specialty Corn Development Co, a corn starch manufacturing plant in China.[31] Then in 2017, they acquired TIC Gums as well as Sun Flour Industry Co, a Thai rice starch and flour company.[28] In 2018 Ingredion began a joint venture with Verdient Foods to increase its investment in plant-based proteins,[32] and also began manufacturing and producing Astraea Allulose.[33] In 2019, Ingredion led the series B venture capital raising for The EVERY Company, a company developing an animal(chicken)-free egg white protein based on fermentation.[34] They also acquired 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.[35][36]

Ingredion acquired PureCircle in 2020, a stevia sweetners maker,[37] with Ingredion owning 75% of the new subsidiary.[38] That year they also began marketing Canadian company NorQuin's quinoa products.[39] It also invested $200 million into plant-based meat substitutes.[40] Ingredion also began development on a plant-based protein manufacturing plant in South Sioux City, Nebraska.[41] In 2020, Ingredion also acquired Verdient Foods.[42] Then in 2021, the company acquired Katech[43] and entered into a partnership with Amyris to offer it's fermentation-derived Reb M sweetener.[44]

Management[edit]

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.[45] The combined company employs approximately 11,000 people in North America, South America, Europe, the Middle East, Africa, and Asia-Pacific[46] and operates 44 manufacturing facilities in 14 countries.

Recognition[edit]

The company was named the “World's Most Ethical Company” in 2014 by the Ethisphere Institute.[47] Ingredion has also been listed as one of Fortune magazine's “most admired companies”.[48]

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". Tulsa World.
  2. ^ a b "0001558370-19-000999 | 10-K". Ingredion Incorporated.
  3. ^ a b "Ingredion". Fortune. Retrieved 2018-12-31.
  4. ^ https://ir.ingredionincorporated.com/node/21681/html#ITEM1BUSINESS_485389
  5. ^ "US SEC: Form 10-K Ingredion Incorporated". U.S. Securities and Exchange Commission. Retrieved February 10, 2018.
  6. ^ Lu, Rice; Zhao, Viola. "2021年全球食用增稠剂企业榜". FoodTalks (in Chinese). Retrieved 2022-01-21.{{cite web}}: CS1 maint: url-status (link)
  7. ^ Huang, Lemon (2021-04-12). "2021年全球甜味剂企业50强". FoodTalks (in Chinese). Retrieved 2022-01-21.{{cite web}}: CS1 maint: url-status (link)
  8. ^ "Overview | About Us | Ingredion Incorporated". ingredion.com. Archived from the original on June 21, 2012. Retrieved June 14, 2012.
  9. ^ a b "History". Ingredion.com. Archived from the original on June 27, 2012. Retrieved February 27, 2018.
  10. ^ "To the Stockholders of the Corn Products Company". Commercial and Financial Chronicle. 82 (2118): x. January 27, 1906. Retrieved February 27, 2018.
  11. ^ "Corn Products boosts work force — Peoria, IL — pjstar.com". Peoria Journal Star. Retrieved 2009-05-11.
  12. ^ "About Us". Oberlander Electric. Archived from the original on 2013-08-04. Retrieved 2014-03-12.
  13. ^ "An Interview with Ron Miller". Peoria Magazine.
  14. ^ 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.
  15. ^ http://www.fundinguniverse.com/company-histories/Eridania-Beacute;ghinSay-SA-Company-History.html Eridania Béghin-Say company history
  16. ^ "Cargill VP explains reasons behind Cerestar purchase, foodnavigator.com, April 9 2002".
  17. ^ http://www.fundinguniverse.com/company-histories/Bestfoods-Company-History.html Bestfood - CPI company history
  18. ^ "Unilever nabs Bestfoods for $24.3B - Jun. 6, 2000". money.cnn.com.
  19. ^ "Corn Products International Acquisition of National Starch". Marketwatch.
  20. ^ "Corn Products International Acquisition of National Starch". PreparedFoods.
  21. ^ "National Starch merges with Corn Products International". PreparedFoods. 2012-03-01.
  22. ^ "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.
  23. ^ "History of National Starch and Chemical Company – FundingUniverse". www.fundinguniverse.com.
  24. ^ National Starch and Chemical Company History, http://www.fundinguniverse.com, visited Januari 30 2021
  25. ^ "Ingredion". Fortune.
  26. ^ "390. Corn Products International". CNN Money.
  27. ^ "Corn Products International and National Starch are now Ingredion". FoodInnovation.
  28. ^ a b Jeff Gelski (March 27, 2018). "Investing in starches". Baking Business.
  29. ^ Malia Spencer (July 8, 2015). "Salem fruit and vegetable specialty co. sold for $100M". Portland Business Journal.
  30. ^ "Top Company Profile: Kerr Concentrates Inc, Salem OR". NAICS Association.
  31. ^ "Account Suspended". www.asiafoodjournal.com.
  32. ^ Garcia, Tonya. "Ingredion invests $140 million for plant-based proteins". MarketWatch.
  33. ^ "Ingredion unveils its first allulose plant in Latin America". foodnavigator-latam.com.
  34. ^ Rowland, Michael Pellman. "Clara Foods Secures Series B Financing Led By Ingredion, Fast-Tracking Animal-Free Protein Development". Forbes.
  35. ^ "Western Polymer Corp". PotatoPro. October 15, 2013.
  36. ^ Ingredion Acquires Western Polymer Expanding Capacity For Higher-Value Specialty Ingredients, ingredioncorporated.com, 03/01/2019
  37. ^ https://www.powderbulksolids.com/food-beverage/ingredion-closes-acquisition-stevia-sweeteners-maker
  38. ^ https://www.ift.org/news-and-publications/news/2020/july/02/ingredion-completes-acquisition-of-purecircle
  39. ^ "Ingredion signs global quinoa flour distribution deal with NorQuin".
  40. ^ https://www.foodbev.com/news/ingredion-invests-to-expand-its-plant-based-protein-portfolio/
  41. ^ "Ingredion unveils plant-based protein manufacturing plant".
  42. ^ "Ingredion takes full ownership of plant-based protein maker Verdient Foods".
  43. ^ "Ingredion acquires German ingredient supplier".
  44. ^ https://www.fooddive.com/news/ingredion-partners-with-amyris-to-offer-its-fermented-reb-m-sweetener/599550/
  45. ^ "Ingredion CEO Ilene Gordon to retire". Crain's Chicago Business. September 18, 2017.
  46. ^ "Ingredion Incorporated: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-08-25.
  47. ^ "Ingredion, Kellogg and PepsiCo on 2014 Ethical Company List".
  48. ^ "ADM ranked most admired food company by Fortune magazine".