Chicago, IL—Ingredion Inc. and PureCircle Ltd. have announced that they have reached agreement on the terms for Ingredion to acquire a controlling 75% stake in PureCircle, a producer of stevia sweeteners, according to a press release.
The acquisition has been approved by the boards of both companies. The transaction is expected to close during the second half of 2020, subject to approval by PureCircle’s shareholders and to regulatory approvals. Until then, the companies will remain separate.
The release says that Ingredion has followed the development of PureCircle for several years, and believes that it is a “fundamentally strong and attractive business that will be a great fit with Ingredion’s long-term strategy… Beyond its leadership in the market, PureCircle brings unrivalled innovation and manufacturing expertise related to stevia.”
Upon completion of the acquisition, Ingredion and PureCircle will be able to offer their customers “key technologies that solve many complex formulation challenges faced by food and beverage developers today,” the release says.
Related: The Sweet Side of Life
Exploring 5 Top Trends in Food Science
Kerry Acquires Plant Protein Company
Jim Zallie, CEO and President of Ingredion, said in the release: “PureCircle is a widely recognized innovator with a proven track record for producing great-tasting, plant-based stevia. Ingredion’s successful and global go-to-market model combined with our formulation expertise will be highly complementary with PureCircle’s capabilities. We have tremendous respect for the business that PureCircle has built for nearly two decades and are excited to welcome them to the Ingredion family. We are ready to support this new phase of growth with stevia’s on-trend and sustainable solutions.”
Peter Lai Hock Meng, CEO of PureCircle, added: “We at PureCircle are glad to have found a strong partner in Ingredion, who shares our mission of encouraging healthy diets around the world and being the preferred supplier of high-purity, great-tasting stevia ingredients for the global food and beverage industry. This acquisition should excite the current and potential customers of both companies, as the combined companies will be able to serve our customers with better services and a wider product range and extend deeper into the global, regional, and local markets.”