Penford Corp. has acquired Gum Technology, a privately held gum and hydrocolloids distributor for an undisclosed sum. The transaction is expected to close at the end of March, subject to certain conditions.
Gum Technology, based in Tucson, AZ, markets a range of gums and other hydrocolloids throughout North America and Asia, specialiazing in developing and producing customized stabilizers. Its ingredients are found in a wide variety of food products including beverages, sauces, bakery, frozen foods, jams and fruit fillings, spice blends, dairy applications and nutraceuticals.
Centennial, CO-based Penford says the acquisition fits well with the firm’s plan to accelerate growth in its specialty businesses, particularly food and industrial bio-products.
“Gum Technology’s product line and reputation for outstanding customer service will broaden Penford’s portfolio of functional and specialty ingredient systems for existing customers and open new segments to the company,” said Penford CEO Tom Malkoski. “Our food segment continues to expand, largely from new products and ingredient systems, and the industrial bio-products business is showing meaningful progress through innovative products and a broader range of applications. We believe the addition of Gum Technology will contribute to both of these important business segments.”