Ingredion to acquire 100% stake in Verdient Foods JV

Global ingredient solutions provider Ingredion has signed an agreement with filmmaker James Cameron and his wife Suzy Amis Cameron to acquire the remaining ownership stake in Verdient Foods.

In 2018, Ingredion established a joint venture (JV) agreement with Verdient Foods for producing pulse-based protein concentrates and flours from peas for consumer food, as well as animal nutrition applications.

Ingredion president and CEO Jim Zallie said: “Acquiring 100% ownership in Verdient Foods enables Ingredion to accelerate net sales growth, further expand our manufacturing capability and co-create with our customers to serve the increasing consumer demand for plant-based foods.

“Over the last two years, we have strategically invested over $200 million to build a leadership position in consumer-preferred plant-based proteins, which is central to Ingredion’s strategy and accelerating our Driving Growth Roadmap.

“We are well-positioned to continue capitalizing on and benefiting from the megatrends driving the changes in the global food and beverage industry.”

Financial details of the deal have not been disclosed by the companies.

For this acquisition, Ingredion plans to use the available funds.

By the end of this year, Ingredion anticipates more than $200m investment in plant-based proteins, which is $15m more than the previously announced investment of $185m.

Upon the completion of the deal, Ingredion will operate two facilities in Vanscoy, Saskatchewan, which can produce a wide range of speciality pulse-based concentrates and flours.

James Cameron said: “Ingredion is truly committed to breakthrough, innovative and sustainable plant-based solutions, and to revolutionising food systems for the health of the planet. Our collective efforts and shared vision are about igniting change and delivering benefits to consumers around the world.”

In September 2017, James Cameron and his wife Suzy Amis Cameron launched Verdient Foods in Vanscoy.