US ingredients firm Corn Products International is to acquire speciality starch ingredients business National Starch from chemicals giant AkzoNobel for US$1.3bn.
The acquisition, which looks set to create a business generating $5bn in annual sales, will provide Corn Products with access to new markets including Europe, the firm said today (21 June).
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“This acquisition…improves our scale and capabilities in many of our existing global locations,” said Ilene Gordon, chairman, president and CEO of Corn Products. “The acquisition aligns with our strategic priorities to grow our ingredient portfolio, increase our presence in priority food processing segments, enter new markets, and develop innovative solutions that better serve our customers.”
“The combined company will benefit from leading, innovative technology; enhanced geographic scale; a broader and deeper product portfolio; and access to new market segments.”
On a cash basis, the transaction is expected to be accretive by the end of 2011, and is expected to close in the third quarter of this year.
National Starch’s ingredient solutions include texturants, blends and environmentally “green” solutions.
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