Ingredion has signed an agreement to sell its business in South Korea to an affiliate of the Sajo Group, a Seoul-based food company.
Jim Zallie, president and chief executive officer of Ingredion, stated that as the company continues its business transformation, Ingredion will “take actions” to sharpen its customer focus and “pursue global growth opportunities”.
He said: “This transaction exemplifies our strategy in action, unlocking value and reallocating assets to achieve our growth roadmap, ultimately creating value for shareholders”.
Terms of the transaction were not disclosed, but it is expected to be finalised in the first quarter of 2024, pending regulatory approvals and satisfaction of customary closing conditions.
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