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.