The global ingredient provider agreed the deal with Pingyuan County Juyuan State-Owned Asset Management Co. for an undisclosed amount. The move is subject to approval from Chinese state authorities.
“This acquisition is another step in executing our strategic blueprint for growth. It enhances our capacity in the Asia-Pacific region with a vertically integrated manufacturing base for specialty ingredients,” said Jorgen Kokke, Ingredion's regional president.
“China is a growing market for our specialty starches, and this acquisition provides a base for further expansion to accommodate future market growth in China and across Asia-Pacific.”
Wang Hong Xia, head of Pingyuan County, added: “We welcome Ingredion as an investor in Pingyuan County. Their investment provides excellent growth and development opportunities for the work force and local economy.”