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Ingredion

Ingredion Incorporated
Type Public
Traded as NYSE: INGR
Industry food, beverage, pharmaceutical, animal feed, corrugating, paper, textile, Health & Wellness
Founded 1906 (1906)
Headquarters Westchester, Illinois, USA
Key people Ilene S. Gordon, Chairman, President and CEO
Products sweeteners, starches, syrups, glucose, oil
Revenue $6.3 billion (2013)
Employees >10,000
Website www.ingredion.com

Ingredion Incorporated (formerly Corn Products International, Inc) is an ingredient provider based in Westchester, Illinois. The company processes corn, tapioca, wheat, potatoes, and other raw materials into ingredients for the food, beverage, brewing, and pharmaceutical industries and numerous industrial sectors.[1] It has more than 11,000 employees around the world, and customers in more than 60 markets in over 40 countries. In 2013, net sales were $6.3 billion.[1]

History

The company, which began as Corn Products Refining Co. and later as "CPC," was founded by the merger of leading US corn refiners in 1906.[2] It supplied the raw materials for Argo cornstarch and Mazola corn oil.[3]

CPC acquired starch factories in Europe from 1919 until 1987 when they were sold to the French sugar manufacture Béghin-Say and renamed Cerestar.[2][4]

In 1981, CPC formed a partnership with Texaco to produce bioethanol at a plant in Pekin, Illinois.[5] In 1995, the plant was sold to Williams Companies and, in 2003, continued as Aventine Renewable Energy.[6]

The Bestfoods division of the company known for brands Maizena, Knorr, Hellmann's, Bestfood mayo, and Skippy Peanut Butter existed from 1958 until 1997 when the company split into Bestfoods, a packaged-foods company, and Corn Products International, a starch and sweeteners company.[7] Corn Products International (CPI) is a Fortune 1000 Company.[8]

In October 2010, CPI acquired National Starch of Dutch paints firm AkzoNobel for $1.3 billion in cash.[9] It also took on pension and employee benefit liabilities.[10][11]

The combined company employs approximately 11,000 people in North America, South America, Europe, the Middle East, Africa, and Asia-Pacific. It operates 37 manufacturing facilities in 15 countries and sales offices in 29 countries. Research and ingredient development centers are located in key global markets. In 2012, the company was renamed Ingredion.[12]

Awards

Ingredion made the Fortune 500 list in 2012 and 2013. It made the Fortune list of World's Most Admired Companies from 2007-2014.[13] The company received Forbes' America’s Best Managed Companies in 2005, 2007, 2008 and 2009.[14] Ingredion was on the Ethisphere Institute 2013 list of the world's most ethical companies.[15] The company was recognized as one of the fastest growing companies by Fortune Magazine in 2014.[16]

References

  1. ^ a b "Overview | About Us | Ingredion Incorporated". ingredion.com. Retrieved June 14, 2012. 
  2. ^ a b "History". Ingredion.com. 
  3. ^ "Corn Products boosts work force — Peoria, IL — pjstar.com". Peoria Journal Star. Retrieved 2009-05-11. 
  4. ^ http://www.fundinguniverse.com/company-histories/Eridania-Beacute;ghinSay-SA-Company-History.html Eridania Béghin-Say company history
  5. ^ "About Us". Oberlander Electric. 
  6. ^ "An Interview with Ron Miller". Peoria Magazine. 
  7. ^ http://www.fundinguniverse.com/company-histories/Bestfoods-Company-History.html Bestfood - CPI company history
  8. ^ "390. Corn Products International". CNN Money. 
  9. ^ "Corn Products International Acquisition of National Starch". Marketwatch. 
  10. ^ "Corn Products International Acquisition of National Starch". PreparedFoods. 
  11. ^ "National Starch merges with Corn Products International". PreparedFoods. 2012-03-01. 
  12. ^ "Corn Products International and National Starch are now Ingredion". FoodInnovation. 
  13. ^ "World's Most Admired Companies". CNN Money. Retrieved 4/12/14. 
  14. ^ "Awards & Recognition". Ingredion. 
  15. ^ "World’s Most Ethical Companies – Honorees".  
  16. ^ "Fastest-Growing Companies". CNN Money. Retrieved 4/12/14. 
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