WESTCHESTER, Ill., Feb. 01, 2024 (GLOBE NEWSWIRE) -- 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
(https://ir.ingredionincorporated.com/news-releases/news-release-
details/ingredion-signs-definitive-agreement-divest-business-south-korea) 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 (https://www.ingredion.com/na/en-us/company/meet-
ingredion/executive-leadership-team/zallie.html), 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 INGREDION
Ingredion 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
(https://ir.ingredionincorporated.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, 773-896-5242
Media: Becca Hary, 708-551-2602
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