Food and beverage ingredient solutions manufacturer Ingredion entered into a deal to purchase the remaining shares of Verdient Foods Inc. from James Cameron and Suzy Amis Cameron to bolster its position in the plant-based proteins space, the company announced Sunday.
“Acquiring 100% ownership of Verdient Foods enables Ingredion to accelerate net sales growth, further expand our manufacturing capacity and co-create with our customers to serve increasing consumer demand for plant-based foods,” Jim Zallie, president and chief executive officer of Ingredion, said in a statement. “Over the last two years, we have invested over $200 million to build a leadership position in consumer-preferred plant-based proteins, which is central to Ingredion’s strategy and accelerating our Driving Growth Roadmap.”
Ingredion established a joint venture agreement with Verdient Foods in 2018 to manufacture pea-based protein concentrates and flours for animal nutrition and human food uses.
When the transaction reaches completion, Ingredion will have two plants in Vanscoy, SK with production capabilities for a variety of specialty pulse-based concentrates and pea, lentil, and fava bean flours.
“Ingredion is truly committed to breakthrough, innovative, and sustainable plant-based solutions, and to revolutionizing food systems for the health of the planet,” said Jim Cameron in the firm’s release. “Our collective efforts and shared vision are about igniting change and delivering benefits to consumers around the world.”