Ingredion to Realign Its Business to Better Serve Customers and
Enhance Clarity for Financial Stakeholders
Ingredion Incorporated (NYSE: INGR), a leading global provider of
ingredient solutions to the food and beverage industry, today
announced that beginning in the first quarter of 2024, it intends
to reorganize its business operations to focus its production
assets and commercial efforts to better serve customers at both the
global and local level. Currently, the Company is organized by
regions. Going forward, the Company intends to serve customers with
a global focus on texture and healthful solutions and will continue
to provide food and industrial ingredients to local markets. The
Company expects the reorganization of its business operations will
result in a change to its financial reporting segments in the first
quarter of 2024 and that this change will provide the Company’s
financial stakeholders with greater insight into the Company’s
performance.
“As we continue to execute against our growth
roadmap while pursuing our broader business transformation, this
reorganization will better reflect and enable the strategic value
drivers of our business,” said Jim Zallie, Ingredion’s president
and chief executive officer. “The new structure will allow for
greater transparency into our product capabilities, improve our
focus on growing market opportunities and serving customers, and
provide greater insight to financial stakeholders.”
ABOUT THE COMPANYIngredion
Incorporated (NYSE: INGR) headquartered in the suburbs of Chicago,
is a leading global ingredient solutions provider serving customers
in more than 120 countries. With 2022 annual net
sales of nearly $8 billion, the company turns grains,
fruits, vegetables, and other plant-based materials into
value-added ingredient solutions for the food, beverage, animal
nutrition, brewing and industrial markets. With Ingredion Idea
Labs® innovation centers around the world and approximately
12,000 employees, the company co-creates with customers and
fulfills its purpose of bringing the potential of people, nature,
and technology together to make life better.
Visit ingredion.com for more information and the latest
company news.
FORWARD-LOOKING STATEMENTS
This news release contains or may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
these forward-looking statements to be covered by the safe harbor
provisions for such statements.
Forward-looking statements include, among
others, any statements regarding the Company’s expectations
regarding the Company’s planned reorganization of its business
operations, including management’s plans or strategies and
objectives for the reorganization and any assumptions, expectations
or beliefs underlying such statements.
These statements can sometimes be identified by
the use of forward-looking words such as “may,” “will,” “should,”
“anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,”
“expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,”
“propels,” “opportunities,” “potential,” “provisional,” or other
similar expressions or the negative thereof. All statements other
than statements of historical facts therein are “forward-looking
statements.”
These statements are based on current
circumstances or expectations, but are subject to certain inherent
risks and uncertainties, many of which are difficult to predict and
beyond our control. Although we believe our expectations reflected
in these forward-looking statements are based on reasonable
assumptions, investors are cautioned that no assurance can be given
that our expectations will prove correct.
Actual results and developments may differ
materially from the expectations expressed in or implied by these
statements, based on various risks and uncertainties, including
effects of the conflict between Russia and Ukraine, including the
impacts on the availability and prices of raw materials and energy
supplies and volatility in foreign exchange and interest rates;
changing consumption preferences relating to high fructose corn
syrup and other products we make; the effects of global economic
conditions and the general political, economic, business, and
market conditions that affect customers and consumers in the
various geographic regions and countries in which we buy our raw
materials or manufacture or sell our products, and the impact these
factors may have on our sales volumes, the pricing of our products
and our ability to collect our receivables from customers; future
purchases of our products by major industries which we serve and
from which we derive a significant portion of our sales, including,
without limitation, the food, beverage, animal nutrition, and
brewing industries; the impact of COVID-19 on our business, the
demand for our products and our financial results; the uncertainty
of acceptance of products developed through genetic modification
and biotechnology; our ability to develop or acquire new products
and services at rates or of qualities sufficient to gain market
acceptance; increased competitive and/or customer pressure in the
corn-refining industry and related industries, including with
respect to the markets and prices for our primary products and our
co-products, particularly corn oil; price fluctuations, supply
chain disruptions, and shortages affecting inputs to our production
processes and delivery channels, including raw materials, energy
costs and availability and freight and logistics; our ability to
contain costs, achieve budgets and realize expected synergies,
including with respect to our ability to complete planned
maintenance and investment projects on time and on budget as well
as with respect to freight and shipping costs; operating
difficulties at our manufacturing facilities and liabilities
relating to product safety and quality; the effects of climate
change and legal, regulatory, and market measures to address
climate change; our ability to successfully identify and complete
acquisitions or strategic alliances on favorable terms as well as
our ability to successfully integrate acquired businesses or
implement and maintain strategic alliances and achieve anticipated
synergies with respect to all of the foregoing; economic, political
and other risks inherent in conducting operations in foreign
countries and in foreign currencies; the behavior of financial and
capital markets, including with respect to foreign currency
fluctuations, fluctuations in interest and exchange rates and
market volatility and the associated risks of hedging against such
fluctuations; the failure to maintain satisfactory labor relations;
our ability to attract, develop, motivate, and maintain good
relationships with our workforce; the impact on our business of
natural disasters, war, threats or acts of terrorism, the outbreak
or continuation of pandemics such as COVID-19, or the occurrence of
other significant events beyond our control; the impact of
impairment charges on our goodwill or long-lived assets; changes in
government policy, law, or regulation and costs of legal
compliance, including compliance with environmental regulation;
changes in our tax rates or exposure to additional income tax
liability; increases in our borrowing costs that could result from
increased interest rates; our ability to raise funds at reasonable
rates and other factors affecting our access to sufficient funds
for future growth and expansion; security breaches with respect to
information technology systems, processes, and sites; volatility in
the stock market and other factors that could adversely affect our
stock price; risks affecting the continuation of our dividend
policy; and our ability to maintain effective internal control over
financial reporting.
Our forward-looking statements speak only as of
the date on which they are made, and we do not undertake any
obligation to update any forward-looking statement to reflect
events or circumstances after the date of the statement as a result
of new information or future events or developments. If we do
update or correct one or more of these statements, investors and
others should not conclude that we will make additional updates or
corrections. For a further description of these and other risks,
see “Risk Factors” and other information included in our Annual
Report on Form 10-K for the year ended December 31, 2022, and our
subsequent reports on Form 10-Q and Form 8-K filed with the
Securities and Exchange Commission.
CONTACT:Investors: Noah Weiss,
773-896-5242Media: Becca Hary,
708-551-2602
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