WESTCHESTER, ILL. — Ingredion is divesting its business in South Korea to an affiliate of the Sajo Group. The Sajo Group is a food company with headquarters in Seoul, South Korea.

Terms of the divestment were not disclosed; however, the transaction is expected to close in 2024.

“As we look forward in our business transformation, we will take actions to sharpen our customer focus and pursue global growth opportunities,” said James P. Zallie, president and chief executive officer at Ingredion. “We believe this transaction is an example of putting our strategy into action to unlock value and redeploy assets in pursuit of our growth roadmap to create value for shareholders.”

Citi is the financial adviser and Kim & Chang is the legal adviser to Ingredion.