Food Business News - July 31, 2012 - (Page 26)

Ingredion: More than a catchy name N New corporate t identity establishes the company as a global source of ingredients and ideas inging the opening bell on the New York Stock Exchange was an act rich in symbolism for Ilene S. Gordon, chairman, president and chief executive officer of Ingredion, Inc. Ms. Gordon participated in the daily ceremony at the exchange June 15 to mark the official name change to Ingredion from Corn Products International, Inc. and the ticker symbol to INGR from CPO. The new name was approved 20 months after Westchester, Ill.-based Corn Products acquired National Starch for $1.3 billion. To Ms. Gordon, the new identity is crucial to helping the company’s constituents better understand what Ingredion does and positions the company for greater future success. Ms. Gordon sat down for an interview with Food Business R News June 26 while attending the 2012 Institute of Food Technologists annual meeting and food exposition in Las Vegas. “The previous name just didn’t make sense for who we really were,” Ms. Gordon explained. “There was actually more confusion because we weren’t a commodity company or an ag company. The ag companies have a lot of their assets in origination and transportation, and they make money doing that. And we have never been in that part of the business. We’re an ingredient company. So we used the opportunity of bringing the two companies together to rename the company Ingredion.” The company said it may be the end of 2013 before the new name and brand is fully unfurled globally, and Ms. Gordon has spent considerable time traveling to the company’s major locations as part of this process. “We’ve been going through North America and making sure that people understand what we are trying to communicate,” she said. While corporate name changes may be spurred by any number of factors, one influence clearly not in play in the case of Ingredion/Corn Products was weak financial performance. To the contrary, the company has enjoyed exceptional growth since Ms. Gordon assumed the reins in May 2009. The company’s net income per share in 2011, before extraordinary items, was $5.45, up 226% from 2006. The company’s share price at the end of June 2012, at $49.52, was up 118% from when Ms. Gordon joined the company. Over the same period, the S.&P. 500 index was up 65%. In the interview, Ms. Gordon was upbeat about the fit of the two companies that have come together to form Ingredion, citing the broad geographic footprint of Corn Products and an established reputation for innovation of National Starch. Asked about challenges experienced in connection with the National Starch acquisition, Ms. Gordon said the integration “has actually gone very well.” She said the company was on track to achieve the $50 million of cost synergies associated with bringing the two businesses together. “At the same time, we’ve taken the regional strength of Corn Products with the global innovation excellence of National 26 FOODBUSINESS NEWS ® July 31, 2012

Table of Contents for the Digital Edition of Food Business News - July 31, 2012

Food Business News - July 31, 2012
Slowing global economy pressures McDonald’s net
Big changes may be looming for Dole Food Co.
Drought effects go well beyond corn, soybean crops
Table of Contents
Web Contents
Editorial - Global food parallels oil refining
Investments help drive earnings gain at Hershey
Prepared foods market to reach $32.45 billion in 2012
PepsiCo earnings fall on restructuring costs
Private investment group to buy Peet’s Coffee for $1 billion
Sales of Fairtrade-certified products grow 12%
Annie’s earnings climb 18% in first quarter
Food and beverage C.P.I. up 0.1% in June
Nestle Health Science acquires stake in medical foods company
Starbucks breaks ground on $172 million facility
Cal-Maine to buy egg production assets
Emmi Roth expanding in Wisconsin
B&G profit rises behind Culver Specialty business
Paramount Citrus acquires Healds Valley Farms
Washington - Government takes steps to aid drought-stricken farmers and ranchers
Ingredion: More than a catchy name
Ingredient Innovations - The next step in sodium reduction
Health and Wellness - Trans fats in review
Industry Images - Images from the I.F.T.
New Food Products
Supplier Innovations and News
Ingredient Market Trends
Ingredient Markets
Ad Index
Food Business in the News

Food Business News - July 31, 2012