Penford Corp. (NASDAQ: PENX), a leader in ingredient systems for food and industrial products, announced that it has completed the acquisition of Gum Technology Corp., a gum and hydrocolloids blending, services and distribution company serving primarily the food and beverage industries.
“Gum Technology’s product line, culture and approach to the market are aligned with Penford’s and with our efforts to build our specialty ingredients businesses,” said Tom Malkoski, Penford Corp. CEO. “Both teams are enthusiastic about opportunities to create value for customers through technology, product innovation and technical service. With our expanded product line, we can offer customers a choice of innovative new products and a broad range of applications.”
As a business unit of Penford Food Ingredients, Gum Technology will continue to offer a range of gums and other hydrocolloids throughout North America and Asia. Gum Technology’s products are found in a wide variety of food products including beverages, sauces, bakery, frozen foods, jams and fruit fillings, spice blends, dairy applications and nutraceuticals. They will be marketed under the current brand names, which have strong name recognition and an outstanding reputation throughout the industry.
Penford Corp.’s non-GMO portfolio is the foundation for new specialty ingredient systems using Gum Technology’s Coyote Brand® gums and GumPlete™ stabilizer systems. Penford’s product portfolio includes clean label and modified starches from potato, corn, rice and tapioca, PenFibe® dietary fibers and PenDure™ vegetable-based proteins.
Penford also plans to explore new opportunities to expand its industrial bio-products business through innovative starch-gum composite products.