Ingredion Incorporated (NYSE: INGR), a leading global provider of
ingredient solutions to the food and beverage industry, today
announced that it has completed the sale of its business in South
Korea to an affiliate of the Sajo Group, a leading food
company headquartered in Seoul, South Korea, for approximately USD
$294 million, with $247 million, net of transaction costs, received
on February 1, 2024, and the remainder to be received over the next
three years. The transaction was announced on November 13,
2023. For the full-year 2023, Ingredion’s business in South Korea
delivered net sales of $325 million (unaudited).
“The sale of our business in South Korea is an important step
for Ingredion as we reshape our portfolio to unlock value and
redeploy assets to create value for shareholders,” said Jim
Zallie, Ingredion’s president and chief executive officer. “This
action is part of our business transformation journey that further
strengthens our focus on growth and supports our long-term
strategic vision.”
The Company will work closely with the Sajo Group to ensure a
smooth transition for all stakeholders.
ABOUT INGREDIONIngredion Incorporated (NYSE:
INGR), headquartered in the suburbs of Chicago, is a leading global
ingredient solutions provider serving customers in more than 120
countries. With 2022 annual net sales of nearly $8 billion, the
Company turns grains, fruits, vegetables, and other plant-based
materials into value-added ingredient solutions for the food,
beverage, animal nutrition, brewing and industrial markets. With
Ingredion Idea Labs® innovation centers located around the world
and approximately 12,000 employees, the Company co-creates with
customers and fulfills its purpose of bringing the potential of
people, nature, and technology together to make life better.
Visit ingredion.com for more information and the latest
Company news.
FORWARD-LOOKING STATEMENTS This news release
contains or may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
The Company intends these forward-looking statements to be covered
by the safe harbor provisions for such statements.
Forward-looking statements include, among others, any statements
regarding the Company’s expectations regarding the divestment of
the Company’s South Korea business or the Company’s reorganization
of its business operations to focus its production assets and
commercial efforts to better serve customers at both the global and
local level, including management’s plans or strategies and
objectives for each respective action and any assumptions,
expectations or beliefs underlying such statements.
These statements can sometimes be identified by the use of
forward-looking words such as “may,” “will,” “should,”
“anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,”
“expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,”
“propels,” “opportunities,” “potential,” “provisional,” or other
similar expressions or the negative thereof. All statements other
than statements of historical facts therein are “forward-looking
statements.”
These statements are based on current circumstances or
expectations, but are subject to certain inherent risks and
uncertainties, many of which are difficult to predict and beyond
our control. Although we believe our expectations reflected in
these forward-looking statements are based on reasonable
assumptions, investors are cautioned that no assurance can be given
that our expectations will prove correct.
Actual results and developments may differ materially from the
expectations expressed in or implied by these statements, based on
various risks and uncertainties, including effects of the conflict
between Russia and Ukraine, including the impacts on the
availability and prices of raw materials and energy supplies and
volatility in foreign exchange and interest rates; changing
consumption preferences relating to high fructose corn syrup and
other products we make; the effects of global economic conditions
and the general political, economic, business, and market
conditions that affect customers and consumers in the various
geographic regions and countries in which we buy our raw materials
or manufacture or sell our products, and the impact these factors
may have on our sales volumes, the pricing of our products and our
ability to collect our receivables from customers; future purchases
of our products by major industries which we serve and from which
we derive a significant portion of our sales, including, without
limitation, the food, beverage, animal nutrition, and brewing
industries; the impact of COVID-19 on our business, the demand for
our products and our financial results; the uncertainty of
acceptance of products developed through genetic modification and
biotechnology; our ability to develop or acquire new products and
services at rates or of qualities sufficient to gain market
acceptance; increased competitive and/or customer pressure in the
corn-refining industry and related industries, including with
respect to the markets and prices for our primary products and our
co-products, particularly corn oil; price fluctuations, supply
chain disruptions, and shortages affecting inputs to our production
processes and delivery channels, including raw materials, energy
costs and availability and freight and logistics; our ability to
contain costs, achieve budgets and realize expected synergies,
including with respect to our ability to complete planned
maintenance and investment projects on time and on budget as well
as with respect to freight and shipping costs; operating
difficulties at our manufacturing facilities and liabilities
relating to product safety and quality; the effects of climate
change and legal, regulatory, and market measures to address
climate change; our ability to successfully identify and complete
acquisitions or strategic alliances on favorable terms as well as
our ability to successfully integrate acquired businesses or
implement and maintain strategic alliances and achieve anticipated
synergies with respect to all of the foregoing; economic, political
and other risks inherent in conducting operations in foreign
countries and in foreign currencies; the behavior of financial and
capital markets, including with respect to foreign currency
fluctuations, fluctuations in interest and exchange rates and
market volatility and the associated risks of hedging against such
fluctuations; the failure to maintain satisfactory labor relations;
our ability to attract, develop, motivate, and maintain good
relationships with our workforce; the impact on our business of
natural disasters, war, threats or acts of terrorism, the outbreak
or continuation of pandemics such as COVID-19, or the occurrence of
other significant events beyond our control; the impact of
impairment charges on our goodwill or long-lived assets; changes in
government policy, law, or regulation and costs of legal
compliance, including compliance with environmental regulation;
changes in our tax rates or exposure to additional income tax
liability; increases in our borrowing costs that could result from
increased interest rates; our ability to raise funds at reasonable
rates and other factors affecting our access to sufficient funds
for future growth and expansion; security breaches with respect to
information technology systems, processes, and sites; volatility in
the stock market and other factors that could adversely affect our
stock price; risks affecting the continuation of our dividend
policy; and our ability to maintain effective internal control over
financial reporting.
Our forward-looking statements speak only as of the date on
which they are made, and we do not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of the statement as a result of new
information or future events or developments. If we do update or
correct one or more of these statements, investors and others
should not conclude that we will make additional updates or
corrections. For a further description of these and other risks,
see “Risk Factors” and other information included in our Annual
Report on Form 10-K for the year ended December 31, 2022, and our
subsequent reports on Form 10-Q and Form 8-K filed with the
Securities and Exchange Commission.
CONTACT:Investors: Noah Weiss,
773-896-5242Media: Becca Hary,
708-551-2602
Grafico Azioni Ingredion (NYSE:INGR)
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