Ingredion has completed the sale of its business in South Korea to an affiliate of the Sajo Group, a Seoul-based food company.
The transaction, announced in November and now concluded, amounts to around $294 million. On 1 February, Ingredion received $247 million after subtracting transaction costs and expects to receive the remaining $47 million over the next three years.
Jim Zallie, president and chief executive officer of Ingredion, said: “The sale of our business in South Korea is an important step for Ingredion as we reshape our portfolio to unlock value and redeploy assets, creating value for shareholders. This action is part of our business transformation journey that further strengthens our focus on growth and supports our long-term strategic vision.”
In the entirety of 2023, Ingredion’s operations in South Korea reported unaudited net sales of $325 million.
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