Penford to acquire Gum Technology
Gum Technology Corp., Tucson, Ariz., and Penford Corp., Centennial, Colo., have entered into an agreement whereby Penford will acquire Gum Technology. Gum Technology is a provider of hydrocolloid stabilizing systems; Penford produces modified specialty starches for the food, pet products and paper industries.
“We are pleased to join Penford and anticipate exciting opportunities to combine our companies’ expertise in product lines and broad geographic reach,” says Allen Freed, CEO of Gum Technology. “With Penford’s resources and product knowledge, we can immediately begin advancing Gum Technology’s GumPlete line of gum-starch blends.”
Penford CEO Tom Malkoski says, “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. We see opportunities in both food and industrial bio-products for high-value, specialized products from the combination of our product lines and customer relationships.”
Gum Technology will continue to offer a diverse product range of gums and synergistic stabilizer blends branded under the Coyote Brand name.