Purchase adds two new products to company’s line of food starches.
National Starch, a subsidiary of AkzoNobel, has recently completed the acquisition of Penford’s Australian specialty grainwet milling and manufacturing facility based in Lane Cove and other intellectual property and assets of Penford’s Australian specialty starch business. Terms were not disclosed.
The acquisition will expand National Starch’s regional capability to supply specialty corn starches into food applications in the Asia-Pacific region. It also complements National Starch’s market position as a leading supplier of specialty ingredients derived from a variety of different starch bases, according to the Bridgewater, N.J.-based company.
“This is an excellent addition to our global portfolio and further strengthens our ability to support customers in the growing Asia-Pacific region,” says James P. Zallie, president and CEO. “The addition to our global supply network will shorten our supply lines of specialty starches into Australia and Asia, improve our competitive advantage and enhance our ability to strengthen our leadership position in the region.”
The acquisition also will add two new product lines to National Starch’s already extensive line of specialty food starches, which include Penford’s “clean label” starch product technology.
The acquisition closed on Thanksgiving.