A Taste of Wellness for Savoury and Snacks
Givaudan
AkzoNobel had previously announced the acquisition – intended to shorten its supply chain for specialty corn starches in the region – but did not reveal the deal’s value.
Penford said in a statement: “The Company realized approximately $12.0 million from these sales (after estimated costs of sale). An additional $2.0 million of proceeds has been placed in escrow and may be collected as post-closing conditions are fulfilled over approximately the next 30 months…All proceeds will be used to reduce outstanding debt.”
The acquisition is expected to be completed by the end of the year.