Bloomberg3 years ago
Ingredion Inc. (INGR) , a maker of high-fructose corn syrup, agreed to buy Penford Corp. (PENX) for about $340 million in cash to add potato starches to its range of specialty food ingredients. Ingredion will pay $19 a share, 73 percent more than its closing share price yesterday, Centennial, Colorado-based Penford said today in a statement. Excluding acquisition costs, the deal will increase Ingredion’s earnings by 10 to 15 cents a share in the first year, Ingredion said in a separate statement. “Penford’s range of products addresses growing consumer trends, including nutrition, gluten-free, food textures, and sustainable green solutions,” Ilene Gordon, chairman and chief executive officer of Westchester, Illinois-based Ingredion, said in the company’s statement.