Ingredion Completes Sale of Business in South Korea

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 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, 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 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.