Carolina Starches produces and sells modified starches and starch blends domestically and in several export markets, generating approximately $25m in annual revenue.
Tom Malkoski, CEO of Penford corporation, said: “The addition of Carolina Starches offers strategic and operational benefits to both our specialty industrial products and food ingredients businesses. This acquisition should result in enhanced customer service and technical support, as well as broaden our portfolio of modified starches, and lead to improvements in our supply chain functions.”
On January 11, Penford entered into stock option agreements with Bentley Cheatham, Dwight Carlson and Steven Brower, the former owners of Carolina Starches. Pursuant to these agreements, Penford granted each such individual options to purchase up to 27,500 shares of the company’s common stock, $1.00 par value per share, at an exercise price equal to the closing price as of the close of business on January 11.
Source: Penford
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