WESTCHESTER, ILL. – Ingredion Inc. has entered into an agreement with its joint venture partners to acquire 100% of Verdient Foods Inc., a manufacturer of plant-based protein based in Vanscoy, Sask. Terms of the agreement were not disclosed.
“Acquiring 100% ownership in Verdient Foods enables Ingredion to accelerate net sales growth, further expand our manufacturing capability and co-create with our customers to serve the increasing consumer demand for plant-based foods,” said James P. Zallie, president and chief executive officer of Ingredion. “Over the last two years, we have strategically invested over $200 million to build a leadership position in consumer-preferred plant-based proteins, which is central to Ingredion’s strategy and accelerating our driving growth roadmap.”
Ingredion formed the joint venture in 2018 with film director James Cameron and his wife Suzy Amis Cameron. As a result of the acquisition, Ingredion will operate two facilities that can produce a range of specialty pulse-based concentrates and flours from peas, lentils and fava beans. The facilities are located in Vanscoy and serve as a prime location for the manufacturing and distribution of pulse-based ingredients to global markets, according to the company.