Friday, June 14, 2024

Ingredion to divest business in South Korea

Ingredion, a global provider of ingredient solutions to the food and beverage industry, has signed a definitive agreement to divest its business in South Korea to an affiliate of the Sajo Group, a food company headquartered in Seoul.

The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals and satisfaction of other customary closing conditions.

“As we look forward in our business transformation, we will take actions to sharpen our customer focus and pursue global growth opportunities,” said Jim Zallie, Ingredion’s president and Chief Executive Officer.

“We believe this transaction is an example of putting our strategy into action to unlock value and redeploy assets in pursuit of our growth roadmap to create value for shareholders.”

Citi is acting as financial advisor and Kim & Chang as legal advisor to Ingredion.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news