The acquisition, which was funded from the company’s available liquidity, is expected to close this month
Ingredion has signed an agreement with James Cameron and Suzy Amis Cameron to acquire the remaining portion of ownership in Verdient Foods it did not already own.
“Acquiring 100% ownership in Verdient Foods enables Ingredion to accelerate net sales growth, further expand our manufacturing capability and co-create with our customers to serve the increasing consumer demand for plant-based foods,” said Jim Zallie, Ingredion’s President and CEO.
“Over the last two years, we have strategically invested over $200 million to build a leadership position in consumer-preferred plant-based proteins, which is central to Ingredion’s strategy and accelerating our Driving Growth Roadmap. We are well positioned to continue capitalising on and benefiting from the megatrends driving the changes in the global food and beverage industry. We look forward to building on the foundation set by James and Suzy Amis Cameron, who have been pioneers in driving transformational change in the food industry and creating a shared sustainable future for all.”
Jim Cameron said: "Ingredion is truly committed to breakthrough, innovative and sustainable plant-based solutions, and to revolutionizing food systems for the health of the planet. Our collective efforts and shared vision are about igniting change and delivering benefits to consumers around the world.”
As a result of the acquisition and once construction is complete on an adjacent facility, the company will operate two facilities that can produce specialty pulse-based concentrates and flours from peas, lentils and faba beans. Both facilities are located in Vanscoy, Saskatchewan.