Ingredion

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Ingredion Incorporated
Formerly
Corn Products International (1906-2012)
Public
Traded asNYSEINGR
S&P 400 Component
IndustryFood
Beverage
Pharmaceutical
Animal Feed
Corrugating
Paper
Textile
Health & Wellness
Founded1906; 114 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[edit]

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 and 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 National Starch of Dutch paints firm AkzoNobel for $1.3 billion in cash.[16] It also took on pension and employee benefit liabilities.[17][18] National Starch hadin 2009 an turn-over of $1.2 billion with 2250 employees operating 11 plants in 8 countries. [19] AkzoNobel acquired National starch after the take-over of chemical company ICI in 2008. From 1978 till 1997 National stach was part of specialty chemical businesses of Unilever.[20] As of 2012, Ingredion has moved up to become a Fortune 500 company.[21][22]

In 2015 Ingredion acquired for $340 million Penford Corp [23] and then Kerr Concentrates for $100 million.[24] 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.[25] The following year they acquired Shandong Huanong Specialty Corn Development Co, a corn starch manufacturing plant in China.[26] In 2017 Ingredion then acquired TIC Gums as well as Sun Flour Industry Co.[23] In 2019 Western Polymer was acquired, a US side stream potato starch manufacturer mainly cationic starch for the paper industrie. Western Polymer employed about 70 people at 3 sites. [27][28]

The combined company employs approximately 11,000 people in North America, South America, Europe, the Middle East, Africa, and Asia-Pacific.[29] 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.[30] In 2016 Ingredion was named to Fortune's list of the world's most admired companies.[31] 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.[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.[35] That year Ingredion also acquired Western Polymer.[36]

In 2020, Ingredion acquired PureCircle, a stevia sweetners maker,[37] with Ingredion owning 75% of the new subsidiary.[38] That year Ingredion began marketing Canadian company NorQuin’s quinoa products.[39] It also invested $200 million into plant-based meat substitutes.[40] They also began development on a plant-based protein manufacturing plant in South Sioux City, Nebraska.[41] In 2020, Ingredion also acquired Verdient Foods.[42]

Recognition[edit]

The company was named the “World's Most Ethical Company” in 2014 by the Ethisphere Institute.[43] Ingredion has also been listed as one of Fortune magazine’s “most admired companies”.[44]

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. ^ "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. ^ "Ingredion". Fortune.
  22. ^ "390. Corn Products International". CNN Money.
  23. ^ a b Jeff Gelski (March 27, 2018). "Investing in starches". Baking Business.
  24. ^ Malia Spencer (July 8, 2015). "Salem fruit and vegetable specialty co. sold for $100M". Portland Business Journal.
  25. ^ "Top Company Profile: Kerr Concentrates Inc, Salem OR". NAICS Association.
  26. ^ "Account Suspended". www.asiafoodjournal.com.
  27. ^ "Western Polymer Corp". PotatoPro. October 15, 2013.
  28. ^ Ingredion Acquires Western Polymer Expanding Capacity For Higher-Value Specialty Ingredients, ingredioncorporated.com, 03/01/2019
  29. ^ "Ingredion Incorporated: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-08-25.
  30. ^ "Corn Products International and National Starch are now Ingredion". FoodInnovation.
  31. ^ "ADM ranked most admired food company by Fortune magazine". World Grain. February 19, 2016.
  32. ^ "Ingredion CEO Ilene Gordon to retire". Crain's Chicago Business. September 18, 2017.
  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. ^ "Ingredion acquires potato starch producer Western Polymer". Food Processing Technology. March 4, 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. ^ https://www.fooddive.com/news/ingredion-signs-global-quinoa-flour-distribution-deal-with-norquin/577905/
  40. ^ https://www.foodbev.com/news/ingredion-invests-to-expand-its-plant-based-protein-portfolio/
  41. ^ https://www.foodbusinessnews.net/articles/16871-ingredion-unveils-plant-based-protein-manufacturing-plant
  42. ^ https://www.fooddive.com/news/ingredion-takes-full-ownership-of-plant-based-protein-maker-verdient-foods/588447/
  43. ^ https://www.foodingredientsfirst.com/news/ingredion-kellogg-and-pepsico-on-2014-ethical-company-list.html
  44. ^ https://www.world-grain.com/articles/6043-adm-ranked-most-admired-food-company-by-fortune-magazine