Ingredion Acquires 9% Stake in Sanstar; Companies Form Joint Venture

MT Newswires Live05-28

Ingredion (INGR) said Thursday that it has formed a joint venture with Sanstar, an Indian manufacturer of corn-based specialty products, while also acquiring a 9% equity stake in the company.

Financial terms were not disclosed.

Under the joint venture, Ingredion said the companies will commission a greenfield construction project to manufacture a portfolio of specialty pharmaceutical and other ingredient products.

"India represents an increasingly important growth market for Ingredion," Ingredion Chairman, Chief Executive, and President Jim Zallie said in a statement.

"Our partnership with Sanstar expands our presence with a reputable local partner that complements our existing businesses in India with the opportunity to scale a broad specialty ingredients platform."

Shares of Ingredion were up 1.7% pre-bell.

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