Ingredion Inc declares quarterly dividend less that a month after Western Polymer takeover

Ingredion Inc (NYSE: INGR) on Wednesday announced that its board declared a quarterly dividend of $0.625 per share on the company’s common stock.

The dividend is payable on April 25, 2019, to shareholders of record at the close of business on April 1, 2019.

Earlier this month, Ingredion announced that it acquired the operations of privately held Western Polymer, a Moses Lake, Washington-based company that produces native and modified potato starches for food and industrial applications along with selling modified tapioca starch for industrial applications.

According to the ingredient consolidator, this acquisition would “expand the Company’s potato starch manufacturing capacity, enhance processing capabilities, and broaden its higher-value specialty ingredients business and customer base.”

Terms of the deal were not disclosed.

“This next phase of growth is consistent with other actions we’ve taken to strengthen our specialties business and deliver long-term value for our shareholders,” Ingredion CEO Jim Zallie then said.

“This acquisition expands our higher-value specialty ingredients business, which is central to Ingredion’s growth strategy. We have tremendous respect for the culture and business that Western Polymer has built and we look forward to the future opportunities that we will create together,” he added.

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