Ingredion buys texture systems expert TIC Gums for $400m
At a time when even the most routine of ingredients is required to have a “clean” aura, giant starch ingredients group, Ingredion, has agreed to acquire texture company TIC Gums, which supplies advanced clean-label texture systems gums to the food and beverage industry, for $400-million.
TIC Gums’ expertise with non-starch, gum-based texturisers, agriculturally-derived ingredients like gum acacia and guar, will complement Ingredion’s expertise in starch technology, creating opportunities for new texture solutions for today’s food formulations, said Illinois-based Ingredion.
TIC Gums enables food innovation by combining several types of texturisers into systems that work synergistically in foods and beverages. The company has access to a variety of agriculturally derived ingredients, such as gum acacia and guar, as well as expertise in their performance.
Privately-held TIC operates two production facilities, one in the US and one in China, as well as R&D labs in both countries.
Ilene Gordon, Ingredion chairman and CEO, said: “As a leader in texture systems for decades, TIC Gums has grown significantly over the past several years through its deep R&D expertise and a differentiated and focused approach to the customer experience. The team has an excellent track record in developing and delivering proprietary, customised systems.
“This acquisition propels us into a new era of on-trend texture development with even more solutions for organic and clean-label demands.
“Combined with Ingredion’s global presence and portfolio of starch-based texturizers, there’s even more opportunity for robust growth and expansion.”
TIC Gums president, Gregory Andon, added: “TIC Gums’ and Ingredion’s strengths complement each other perfectly. We share a vision around the importance of texture and stabilisation in food and beverage formulation.
"By coming together, we will truly be able to focus on the correct technical solutions for our customers whether they be starch, gum or systems containing both.
“Ingredion’s global footprint will enable us to achieve our geographical expansion goals much faster than we otherwise could on our own. We believe our business model strength in clean-label formulation with the most dynamic players in the food and beverage space has significant untapped potential on the global stage.”
Claire Regan, director of corporate communications at Ingredion, says that she thinks this will also help Ingredion expand its customer base: "The acquisition also brings additional clients to Ingredion, especially within those small and medium sized companies that are really leading this innovation,” Regan said.
Ingredion, reports the Chicago Tribune, is on a bit of a run. Shares of the company's stock are up nearly 30 percent year-to-date on strong sales and better-than-expected margins.
Gordon continues to push the company into plant-based food flavourants and texturisers, mostly through acquisitions.
TIC Gums is represented in South Africa by Bidfood Solutions.
Source: FoodBev.com, Reuters, Chicago Tribune