US-based ingredients provider company, Ingredion, has accounted on Friday that it is acquiring 75% stakes in PureCircle after an agreement. According to Globe News Wire, the boards of both companies have already granted the acquisition.
Senior officials of both the companies are expecting to finalize the deal during the second half of 2020, which is still subject to approval by the stakeholders of PureCircle. After the acquisition, both the companies, PureCircle and Ingredion, both will operate as independent companies and can launch separate products in the market.
It is important to mention that Global plant based ingredients provider, Ingredion, has followed the business model of PureCircle for years and company officials believes that it is a fundamentally strong and lucrative business that would be perfect to operate with company’s long-term strategy.
PureCircle is a pioneer of Stevia sweeteners for Global beverage and food industries. After the proposed acquisition, both Ingredion and PureCircle will collaborate with each other to provide a wide range of integrated food technologies to their customers.
Ingredion Boss, Jim Zallies, has described the acquisition as, “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.”
“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,” Ingredion CEO Jim further added.
Sharing his thought over the deal, the CEO of PureCircle said, “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.”
“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,” He further added.