Ingredion Inc., Westchester, Ill., has entered into a stock-purchase agreement to acquire all of the outstanding shares of White Marsh, Md.-based TIC Gums Inc. TIC Gums’ expertise with gum-based texturizers complements Ingredion’s expertise in starch technology, the company says. The acquisition will expand Ingredion’s higher-value specialty portfolio and customer base, it adds. The acquisition, which has been approved by Ingredion’s Board of Directors and the stockholders of TIC Gums, is expected to close by the end of the year, subject to customary closing conditions. Ingredion expects to fund the $400 million cash transaction with available cash and short-term credit, it says. In other news, Ingredion entered into an agreement with Bedford, Mass.-based SweeGen Inc., a developer and manufacturer of stevia-based sweeteners, to be its exclusive global distributor in all markets except China, where it will be a non-exclusive distributor.
Fort Worth, Texas-based Parker Products Inc. announced that it is breaking ground on a new 90,000-square-foot facility in Fort Worth. The company will move all of its operations to the new facility, which is anticipated to open in early 2018, it says. The new facility will triple the company’s total production capacity and will serve as the hub of its kill-step validation and food safety initiatives, it adds.