Global ingredient solutions firm Ingredion has completed its purchase of PureCircle Limited, a creator and manufacturer of plant-based stevia sweeteners and flavors used in food and beverage products, a company release said Wednesday.
“This is a significant step forward as we advance our Driving Growth Roadmap and further align our sugar reduction and specialty sweetener platform to the megatrends in the food and beverage industry,” said Ingredion President and Chief Executive Officer Jim Zallie in a statement. “PureCircle provides substantial growth potential that is aligned with our strategy to create long-term shareholder value.”
Ingredion appointed Tony DeLio to the role of chief executive officer of PureCircle, effective July 1. He will continue to serve as chief innovation officer for Ingredion. SukGu Kim, who most recently served as the firm’s finance director in Asia-Pacific, was named as PureCircle’s chief financial officer.
“PureCircle is a renowned innovator with a proven track record for producing great-tasting, naturally based stevia and derivatives of stevia. And, they have pioneered the development of novel varieties of stevia that are both better tasting and higher yielding,” DeLio said in the release. “Our go-to-market model and formulation expertise will be highly complementary when combined with their leading position and innovation capabilities.”
The global stevia market is expected to grow at a CAGR of 8.43% globally over the next five years, according to a recent forecast by market research firm Mordor Intelligence.