The acquisition will further enable net sales growth from pulse-based protein flours for consumer food and animal nutrition applications.
Ingredion has signed an agreement with film director James Cameron and Suzy Amis Cameron to acquire the remaining portion of ownership in Verdient Foods. The acquisition is expected to close this month.
Jim Zallie, president and CEO of Ingredion, commented: “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.
“Over the last two years, we have strategically invested over US$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 benefitting from the megatrends driving the changes in the global food and beverage industry.”
As a result of the acquisition and once construction is complete on an adjacent facility, Ingredion will operate two facilities that can produce a wide range of sustainable, specialty pulse-based concentrates and flours from peas, lentils and faba beans. Both facilities are located in Vanscoy, Saskatchewan, in the heart of Canada’s pulse-crop production area as serve as a prime location for the manufacturing and distribution of pulse-based ingredients to global markets.