Ingredion

Ingredion Incorporated

Formerly	Corn Products International (1906-2012)
Type	Public
Traded as	NYSE: INGR S&P 400 Component
Industry	Food Beverage Pharmaceutical Animal Feed Corrugating Paper Textile Health & Wellness
Founded	1906 (1906)
Headquarters	Westchester, Illinois, United States
Key people	James Zallie (President and CEO) Jim Gray (CFO)[1]
Products	Sweeteners Starches Corn Syrups Glucose Oil
Revenue	US$ 5.83 billion (2017)
Operating income	US$ 842 million (2017)
Net income	US$ 532 million (2017)
Total assets	US$ 6.08 billion (2017)
Total equity	US$ 2.91 billion (2017)[2]
Number of employees	~11,000 (2016)
Website	www.ingredion.com
Footnotes / references [3]

Ingredion Incorporated (formerly Corn Products International, Inc) is an ingredient provider based in Westchester, Illinois. The company turns corn, tapioca, potatoes, and other vegetables and fruits into ingredients for the food, beverage, brewing, and pharmaceutical industries and numerous industrial sectors.^[4] It has more than 11,000 employees around the world in 44 locations, and customers in more than 60 markets in over 40 countries. In 2017, net sales were $6.18 billion.^[2]

History

The company, which began as Corn Products Refining Co. and later as "CPC," was founded by the merger of leading US corn refiners in 1906.^[5] The company was incorporated in New Jersey.^[6] It supplied the raw materials for Argo cornstarch and Mazola corn oil.^[7]

CPC acquired starch factories in Europe from 1919 until 1987 when they were sold to the French sugar manufacture Béghin-Say and renamed Cerestar.^[5][8]

In 1981, CPC formed a partnership with Texaco to produce bioethanol at a plant in Pekin, Illinois.^[9] In 1995, the plant was sold to Williams Companies and, in 2003, continued as Aventine Renewable Energy.^[10] The company has a facility in nearby Mapleton, Illinois, along U.S. Route 24, which is part of an industrial area, a major area employer.^[11]

The Bestfoods division of the company known for brands Maizena, Knorr, Hellmann's / Best Foods mayonnaise, and Skippy Peanut Butter existed from 1958 until 1997 when the company split into Bestfoods, a packaged-foods company, and Corn Products International, a starch and sweeteners company.^[12] Ingredion is a Fortune 500 Company.^[13] As of 2017, Ingredion has moved up to become a Fortune 500 company. ^[14]

In October 2010, CPI acquired National Starch of Dutch paints firm AkzoNobel for $1.3 billion in cash.^[15] It also took on pension and employee benefit liabilities.^[16][17] In 2015 Ingredion acquired Penford Corp,^[18] and then Kerr Concentrates.^[19] The following year they acquired Shandong Huanong Specialty Corn Development Co, a manufacturing plant in China.^[20] In 2017 Ingredion then acquired TIC Gums as well as Sun Flour Industry Co.^[18]

The combined company employs approximately 11,000 people in North America, South America, Europe, the Middle East, Africa, and Asia-Pacific.^[21] It operates 44 manufacturing facilities in 14 countries and sales offices in 29 countries. Ingredion Idea Labs Research and ingredient development centers are located in key global markets. In 2012, the company was renamed Ingredion.^[22] In 2016 Ingredion was named to Fortune's list of the world's most admired companies.^[23] From 2009 to 2017 the president and CEO of the company was Ilene S. Gordon. Upon her retirement, James Zallie was named to the position of president and CEO.^[24]

References