Centennial, CO — Specialty starch manufacturer Penford Corp. has purchased Gum Technology Corp., which makes hydrocolloid stabilizing systems, for an undisclosed sum, according to Penford.
The purchase adds to Penford’s starch capabilities in food, pet products and paper industry applications knowledge and expertise from Gum Technology’s three decades supplying gums and starches to the confectionery, food and industrial spheres.
Gum Technology CEO Allen Freed says: “ We are pleased to join Penford, and anticipate exciting opportunities to combine our companies’ expertise in product lines and broad geographic reach. With Penford’s resources and product knowledge, we can immediately begin advancing Gum Technology’s GumPlete line of gum-starch blends.”
The deal is expected to become final at the end of March.