Ingredion Inc., Westchester, IL, a global provider of ingredient solutions to diversified industries, announced today that it has entered into a definitive agreement to acquire Penford Corp., Centennial, CO, a U.S.-based provider of specialty ingredients for food and nonfood applications.
The acquisition has been approved by the boards of directors of both companies. It is subject to approval by Penford’s shareholders and regulators as well as to other customary closing conditions and could close as early as the end of the year. Ingredion expects to fund the approximately $340 million cash transaction with available cash and funds available under existing credit facilities.