AGT and Ingredion Announce Pulse Ingredient Flours, Protein and Bran Products Distribution Agreement
SYMBOL: TSX: AGT
REGINA, June 23, 2014 /CNW/ – Alliance Grain Traders Inc. (“AGT”) has entered into a definitive agreement with Ingredion Incorporated (“Ingredion”) appointing Ingredion, a leading global provider of ingredient solutions to diversified industries, as AGT’s exclusive distributor of its pulse flours, protein and bran ingredients for its consumer foods and ingredient segments. These segments include products such as baked goods, snacks, pasta and texturing applications covering the United States, Canada, China, Europe, the Middle East and North Africa.
The agreement with Ingredion was announced at the opening of the Institute of Food Technologists Annual Meeting and Food Expo in New Orleans, LA by Mr. Murad Al-Katib, President and CEO of AGT and Mr. Igor Playner, Vice President, Innovation and Strategy, North America of Ingredion.
“We are excited regarding the prospects of our strategic alliance with Ingredion,” said Mr. Al-Katib. “The application expertise, distribution, reach and global commercialization success of Ingredion is certainly well known in the specialty ingredients market around the world. We believe the specialized ‘go-to-market’ approach and focus on innovation and product development by Ingredion complements AGT’s global leadership in sourcing and processing pulses. We expect this alliance to be a major catalyst for our global food ingredients business, allowing us an increased and added value offering to our customers. We are also excited of the prospect of ramping up our new Minot, North Dakota production facility,” added Mr. Al-Katib.
Playner also spoke highly of this important initiative: “The agreement with AGT opens a new chapter for Ingredion, and complements three of our most important growth platforms – wholesome ingredients, texturizers and nutritional ingredients. Gaining access to pulses as an additional solution in our toolbox, in the form of flours, protein and semolinas aligns with a growing market interest for vegetable and non-GMO protein sources. Adding this exciting new product portfolio to our established line of innovative texture, wholesome and nutritional ingredients will enable us to deliver new formulated solutions in key applications, such as protein-fortified and fibre-fortified snacks and gluten-free foods.”
Ingredion is expected to begin introducing these products to market over the next 120 days. Many of the products within this line will be marketed under Ingredion’s HOMECRAFT(®) brand that currently encompasses a broad range of functional, gluten free and clean label flours. “As a leading supplier of specialty flours that are highly functional in a range of applications, such as gluten free, nutrition and fibre enrichment, the addition of the AGT product line greatly expands our ability to serve these and other growing sectors,” said Mr. Playner.
“The opportunity to co-brand AGT produced pulse ingredients under a successful global ingredient brand such as HOMECRAFT(®) is an evolutionary step for AGT’s food ingredient platform. The geographic complementarity and the focuses of both companies on innovation, commercialization and growth are exciting for us. We look forward to the value that this agreement may create for our shareholders,” commented Mr. Huseyin Arslan, Executive Chairman of AGT.
Alliance Grain Traders Inc. Profile
AGT, listed on the Toronto Stock Exchange in Canada (TSX:AGT) and is a global leader in value-added processing of pulses, staple foods and ingredients for export and domestic markets as well as a supplier of retail packaged and canned foods to retail and food service sectors. Through its offices and processing facilities located in some of the best agricultural growing regions in Canada, the U.S., Turkey, China, Australia and South Africa, merchandising and sales offices in the U.K., the Netherlands, Spain and India and origination offices in Russia, AGT produces a full range of pulses and specialty crops including lentils, peas, chickpeas, beans and canary seed as well as food ingredients such as pulse flours, proteins, starches and fibres. Through its subsidiaries in Turkey, the Arbel Group, AGT also produces staple foods such as Arbella Pasta, rice, and milled wheat products, including bulgur and semolina.
Ingredion Incorporated (NYSE:INGR) is a leading global ingredients solutions provider specializing in nature-based sweeteners, starches and nutrition ingredients. With a global network of manufacturing facilities, ingredient development centers and sales offices in 40 countries, Ingredion serves customers in more than 100 countries in approximately 60 diverse sectors in food, beverage, brewing, pharmaceuticals and other industries. For more information, visit www.ingredion.com.
Certain statements in this press release are forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by AGT at the time of preparation, may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AGT (including its operating subsidiaries) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the actual results of harvests, fluctuations in the price of lentils and other crops, failure of plant, equipment or processes to operate as anticipated, accidents or labour disputes, risks relating to the integration of acquisitions or to international operations, proposed results and achievements, expected or implied, in connection with the agreement with Ingredion, as well as those factors referred to in the section entitled “Risk Factors” in the Annual Information Form of AGT dated March 31, 2014 which is available on SEDAR at www.sedar.com, and which should be reviewed in conjunction with this document. Although AGT has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. AGT expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
SOURCE Alliance Grain Traders Inc.