Sajo Industries Company Limited completed the acquisition of South Korean business of Ingredion Incorporated for $290 million
February 31, 2024
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Sajo Industries Company Limited (KOSE:A007160) signed a definitive agreement to acquire Business of Ingredion Incorporated in South Korea on November 10, 2023. The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals and satisfaction of other customary closing conditions. Citigroup Inc. (NYSE:C) acted as financial advisor and Kim & Chang acted as legal advisor to Ingredion Incorporated (NYSE:INGR).
Sajo Industries Company Limited (KOSE:A007160) completed the acquisition of South Korean business of Ingredion Incorporated (NYSE:INGR) for $290 million on February 1, 2024. Ingredion received $247 million net of certain transaction costs, when the transaction closed, and will receive the remaining consideration in equal annual payments through February 2027.
Ingredion Incorporated is a global ingredients solutions provider that transforms grains, fruits, vegetables, and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. It develops, produces, and sells a variety of food and beverage ingredients, primarily starches and sweeteners, for various industries. It operates through four segments: North America, South America, Asia-Pacific, and Europe, Middle East and Africa (EMEA). Its products are derived primarily from the processing of corn and other starch-based materials, such as tapioca, potato, and rice. Its product lines include starches and sweeteners, animal feed products and edible corn oil. The starch-based products include both food-grade and industrial starches, as well as biomaterials. The sweetener products include glucose syrups, high maltose syrups, high fructose corn syrup, caramel color, dextrose, maltodextrins, and glucose and syrup solids.
INGREDION INCORPORATED 
