Sector News

Ingredion to take majority stake in PureCircle

April 10, 2020
Food & Drink

Ingredion Inc. is acquiring a 75% stake in stevia supplier PureCircle, Inc., Chicago. The terms of the acquisition were not disclosed.

“PureCircle is a widely recognized innovator with a proven track record for producing great-tasting, plant-based stevia,” said James P. Zallie, president and chief executive officer of Ingredion. “Ingredion’s successful and global go-to-market model combined with our formulation expertise will be highly complementary with PureCircle’s capabilities.”

The transaction has been approved by the boards of directors of both companies and it is expected to close in the second half of 2020.

“We at PureCircle are glad to have found a strong partner in Ingredion who shares our mission of encouraging healthy diets around the world and being the preferred supplier of high-purity, great-tasting stevia ingredients for the global food and beverage industry”, said Peter Lai Hock Meng, CEO of PureCircle.

The acquisition comes shortly after Dato Robert Cheim Dau Meng, who was appointed chairman of PureCircle on Feb. 10 gave a business update on March 31 that disclosed past accounting irregularities had left the company pressured by debt.

“This has been a difficult time for PureCircle,” Mr. Cheim Dau Meng said. “The company’s systems and governance have been found wanting, and whilst I have only recently taken over as chairman, I would like to apologize to shareholders. Over the last six months PureCircle changed its management team, refreshed the board and started to put in place the controls necessary to ensure that similar errors do not occur in the future.”

PureCircle’s board had been considering a variety of options to raise capital, including refinancing, securing new equity infusion or a sale and lease buyback of the company’s processing facilities.

By Keith Nunes

Source: Food Business News

comments closed

Related News

June 24, 2022

Carlsberg announces resignation of CFO Heine Dalsgaard

Food & Drink

Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.

June 24, 2022

Kellogg to split into three companies, focus on snacks

Food & Drink

Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.

June 24, 2022

Mondelēz to buy energy bar company Clif Bar for $2.9bn

Food & Drink

The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.