Ingredion

#1962

Rank

$7.16B

MarketCap US

US United States

Country

Summary
Ingredion Incorporated, together with its subsidiaries, produces and sells starches and sweeteners for various industries. It operates through four segments: North America; South America; Asia-Pacific; and Europe, Middle East and Africa. The company offers sweetener products comprising glucose syrups, high maltose syrups, high fructose corn syrups, caramel colors, dextrose, polyols, maltodextrins, and glucose syrup solids, as well as food-grade and industrial starches, biomaterials, and nutrition ingredients. It also provides edible corn oil; refined corn oil to packers of cooking oil and to producers of margarine, salad dressings, shortening, mayonnaise, and other foods; and corn gluten feed used as protein feed for chickens, pet food, and aquaculture, as well as fruit and vegetable products, such as concentrates, purees and essences, pulse proteins, and hydrocolloids systems and blends. The company's products are derived primarily from processing corn and other starch-based materials, such as tapioca, potato, and rice. It serves food, beverage, brewing, and animal nutrition industries. The company was formerly known as Corn Products International, Inc. and changed its name to Ingredion Incorporated in June 2012. Ingredion Incorporated was founded in 1906 and is headquartered in Westchester, Illinois.

History

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. The company was incorporated in New Jersey. The company began producing Argo laundry cornstarch in 1908 and began selling Mazola corn oil in 1911.In 1919 Corn Products acquired Canada Starch Company . During the 1920s, the company received a patent for crystalline dextrose, sold as Cerelose, opened refining operations in South America and Mexico, and began selling chocolate-flavored malt syrup Bosco. In the 1930s, Corn Products expanded operations to Asia and further in South America. It also began selling waffle syrup under the Karo name for the first time.In 1958, Corn Products Refining Company merged with The Best Foods, Inc., becoming Corn Products Company. During the 1960s, the company expanded into Chile, Pakistan and Malaysia, and began producing high fructose corn syrup at the Argo plant. and in 1969 it changed its name to CPC International Inc.In the 1970s, CPC expanded into Africa and further into South America, while in 1981 the company constructed three North American plants in Stockton, California; Winston-Salem, North Carolina; and Port Colborne, Ontario.In 1981, CPC formed a partnership with Texaco to produce bioethanol at a plant in Pekin, Illinois. In 1995, the plant was sold to Williams Companies.In 1984, Canada Starch Company merged with an Ontario corn refiner to become Casco. In 1987, the company sold its starch factories in Europe for $600 million to the Italian French sugar manufacture Eridania Béghin-Say owned by Ferruzzi and renamed Cerestar. Cerestar is sold in 2002 to Cargill for $1.14 billion having a turnover of $1.56 billion in 2000.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.In October 2010, CPI acquired National Starch from Dutch paints firm AkzoNobel for $1.3 billion in cash. It also took on pension and employee benefit liabilities.In 2012, the company was added to the Fortune 500 list and was renamed Ingredion. In 2014, Ingredion opened 14 Idea Labs, a global network of innovation centers where scientists work directly with customers. As of 2021, there were over 500 scientists working at 32 Idea Labs worldwide.In 2015 they acquired Penford Corp for $340 million and then Kerr Concentrates for $100 million. Penford produced mainly potato starch derivatives and had a turn-over of $467 million. In 2014 it had 445 employees in six plants. Kerr Concentrates makes fruit and vegetables concentrates and purees and had a turnover of $75 million and 82 employees. In 2016 the company acquired Shandong Huanong Specialty Corn Development Co, a corn starch manufacturing plant in China. Then in 2017, it acquired TIC Gums as well as Sun Flour Industry Co, a Thai rice starch and flour company. In 2018 Ingredion began a joint venture with Verdient Foods to increase its investment in plant-based proteins and pulse-based flours. Also in 2018, Ingredion began manufacturing and producing sugar alternative Astraea Allulose in Latin America. In 2019, Ingredion led the series B venture capital raising for The EVERY Company, a company developing an animal-free egg white protein based on fermentation. They also acquired Western Polymer, a US potato starch manufacturer that produces cationic starch for the paper industry. Western Polymer employed about 70 people at 3 sites.Ingredion acquired PureCircle in 2020, a stevia sweeteners maker. That year they also began marketing Canadian company NorQuin's quinoa products. Ingredion also invested $200 million into plant-based meat substitutes. Then in 2021, Ingredion acquired Katech, a German manufacturer of texture and stabilization solutions. The company also began joint ventures with Grupo Arcor, providing food and beverage ingredients to customers in Argentina, Chile and Uruguay, and Amyris, a Brazil-based manufacturer of fermentation-derived Reb M sweetener. Ingredion also opened a new plant protein facility in South Sioux City, Nebraska, becoming the first supplier to manufacture plant protein isolate, concentrate, flour and starch products in North America. In 2022, Ingredion acquired a stake in InnovoPro, an Israeli developer of protein concentrate extracted from chickpeas.


Mission
We make it our business to understand industry trends and our customers’ challenges.

Vision
We believe in providing innovative and sustainable ingredient solutions that meet consumer needs and improve our customers' financial success.

Key Team

Mr. Jorgen Kokke (Exec. VP & Pres of Americas)

Mr. Jinghuai Xu (Sr. VP & Chief Innovation Officer)

Ms. Davida M. Gable (VP of Global Shared Services, Controller & Principal Accounting Officer)

Jason Payant (VP of Corp. Fin. & Interim VP of Investor Relations)

Ms. Tanya Jaeger de Foras (Sr. VP, Chief Legal Officer, Corp. Sec. & Chief Compliance Officer)

Ms. Nancy Wolfe (Sr. VP & Chief HR Officer)

Mr. Pierre Perez Y. Landazuri (Sr. VP of Corp. Strategy & Specialties and Pres of EMEA)


Recognition and Awards
Ingredion has been recognized as one of the best companies to work for in numerous countries, including Mexico, Brazil, Puerto Rico, China, India, and Thailand. We have also been recognized as a leading global supplier of ingredient solutions to the food and beverage industries, receiving top honors in an Informa survey of global food and beverage professionals.

References
Ingredion
Leadership team

Mr. James P. Zallie (Pres, CEO & Director)

Mr. James Derek Gray (Exec. VP & CFO)

Mr. Eric Seip (Sr. VP of Global Operations & Chief Supply Chain Officer)

Products/ Services
Brewing, Food and Beverage, Food Processing, Manufacturing, Retail
Number of Employees
1,000 - 20,000
Headquarters
Westchester, Illinois, United States
Established
1906
Company Registration
SEC CIK number: 0001046257
Net Income
500M - 1B
Revenue
Above - 1B
Traded as
INGR
Social Media
Sun Mar 03 2024
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