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Ingredion Inc., Westchester, Ill., has entered into a definitive agreement to acquire Centennial, Colo.-based Penford Corp., a U.S.-based leader in specialty ingredients for food and non-food applications. The acquisition has been approved by the boards of directors of both companies. It is subject to approval by Penford’s shareholders and regulators as well as to other customary closing conditions but could close as early as the end of the year. Ingredion expects to fund the approximately $340 million cash transaction with available cash and funds available under existing credit facilities. In other news, Ingredion has released a new video titled “Non-GMO confidence from the ground up” showcasing the company’s non-GMO starch, sweetener and nutrition ingredient solutions. The video also details the company’s non-GMO offerings, which are validated through the Truetrace identity preservation program and enrollment in The Non-GMO Project, a nonprofit organization dedicated to independent verification of non-GMO status.