Penford Corp. acquires Gum Technology
Penford Corp., Centennial, Colo., a leader in ingredient systems for food and industrial products, completed the acquisition of Gum Technology Corp., Tucson. Ariz., a gum and hydrocolloids blending, services and distribution company, on March 25.
“Gum Technology’s product line, culture and approach to the market are aligned with Penford’s and with our efforts to build our specialty ingredients businesses,” says Tom Malkoski, CEO, Penford Corp. “Both teams are enthusiastic about opportunities to create value for customers through technology, product innovation and technical service. With our expanded product line, we can offer customers a choice of innovative new products and a broad range of applications.”
As a business unit of Penford Food Ingredients, Gum Technology will continue to offer a range of gums and other hydrocolloids throughout North America and Asia. Gum Technology’s products are found in a wide variety of food products, including bakery and frozen foods. They will be marketed under the current brand names.
Penford’s portfolio of nongenetically modified products is the foundation for new specialty ingredient systems using Gum Technology’s Coyote Brand gums and GumPlete stabilizer systems. Penford’s product portfolio includes clean-label and modified starches from potato, corn, rice and tapioca; PenFibe dietary fibers; and PenDure vegetable-based proteins.
Penford also plans to explore new opportunities to expand its industrial bio-products business through innovative starch-gum composite products.