Chicago — Ingredion, Inc. is set to acquire a 75 percent stake in stevia-supplier PureCircle Ltd., according to the purchasing company, which anticipates the deal to close in the upcoming second quarter.
Ingredion reports PureCircle is a fundamentally strong and attractive business that fits with its long-term strategy given the acquired company’s position in the stevia market.
“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,” says Ingredion president and CEO Jim Zallie. “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.”
Both companies’ boards have approved the transaction, which is still subject to regulatory and PureCircle shareholders approval, Ingredion reports.
“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,” says Peter Lai Hock Meng, CEO of PureCircle. “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, wider product range and extend deeper into the global, regional and local markets.”