Unified Ingredients Company Targets Global Growth
Corn Products International’s purchase of National Starch 18 months ago has culminated in a new corporate identity and name—Ingredion Incorporated (booth 1211). “The new name better reflects who we are, what we do, and our expertise in ingredient solutions,” declared Ilene Gordon, Chairman, President, and Chief Executive Officer.
Integrating the two companies—with combined sales over $6 billion—moved along without major challenges due to their strategic fit, complementary product portfolio of sweeteners, starches, and texturants, and geographic strengths, noted Gordon. “Corn Products was strong in South America while National Starch had a presence in Europe, Australia, and New Zealand, opening up access to new markets,” explained Gordon. The acquisition generated about $50 million in cost synergies in the areas of manufacturing, procurement, logistics, and other functions.
Since neither the name Corn Products or National Starch truly reflected the company’s broad product portfolio, the decision was made early on to seek a new corporate identity. “We received more than 800 names from our employees and worked with an outside boutique firm to test the finalist names with customers across the globe. The first part of the new name represents ‘ingredients’, while ‘ion’ conveys action and movement. Ingredion presents one identity and a unified face to our customers,” declared Gordon.
In addition to the new name, a new symbol of a circle with flowing plant leaves represents nature and global and draws inspiration from Corn Products’ circular logo and National Starch’s diamond logo with an abstract corn stalk. Ingredion plans to roll out the new name in Canada and Mexico this fall and throughout the globe over the next 18 months.
Emerging markets such as Brazil with the upcoming World Cup in 2014 and Olympics in 2016 represent growth opportunities for Ingredion. The rise of clean-label products in Europe is another opportunity for our ingredients, stated Gordon. When it comes to healthier products with reduced fat, sugar, and calories, Ingredion offers stevia and polyols for low-/no-sugar applications and modified food starches and texture systems for reduced fat.
“We have strong regional businesses around the globe that can leverage our innovation and diverse product portfolio and apply it to local markets,” stated Gordon.