The deal – which is expected to close by the end of the year - has been approved by Illinois-based Ingredion’s board of directors and the stockholders of TIC Gums, and will “expand Ingredion’s higher-value specialty portfolio and customer base in the fast-growing segment of small-to-medium-sized food and beverage companies that are driving industry innovation,” said Ingredion chairman and CEO Ilene Gordon.
“TIC Gums’ and Ingredion’s strengths complement each other perfectly… This acquisition propels us into a new era of on-trend texture development with even more solutions for organic and clean-label demands.”
TIC Gums president Gregory Andon added: “By coming together, we will truly be able to focus on the correct technical solutions for our customers whether they be starch, gum or systems containing both. Ingredion’s global footprint will enable us to achieve our geographical expansion goals much faster than we otherwise could on our own.”
Maryland-based TIC Gums – which operates production facilities and R&D labs in the US and China - conducts business worldwide and employs more than 200 people.