CANADA – Ingredion, Inc. has unveiled plans of increasing its investment in Canada-based Verdient Foods to US$185 million from US$140 million by the end of 2020.
The investment in Verdient Foods, a joint venture it formed with Verdient, will be used to build a new manufacturing facility to produce specialty pulse-based concentrates and flours from peas, lentils and fava beans.
The new manufacturing facility is expected to operational in the second half of 2020, reports Worlds Grain.
Once completed, it will significantly increase the joint venture’s food processing capabilities to meet the growing consumer demand for plant-based proteins.
Ingredion’s chief executive, James P. Zallie said; “We’ve advanced our specialties strategy to capitalize on the trends shaping the food industry.
“Our latest investment will significantly expand our product portfolio to provide more innovative solutions to our customers, which will enable future growth.
“Ingredion and Verdient also share a common vision that sustainable and trusted sourcing will play an important role in the future of consumer-preferred plant-based proteins.”
The joint venture was established in December 2018, owned and operated by James Cameron, Suzy Amis Cameron and PIC Investment Group.
“I’m excited to further our relationship with Ingredion, which will power significant expansion of plant-based proteins to consumers around the world,” James Cameron said.
“By working together, we have an amazing opportunity to be leaders in the next wave of global food production, which will have a lasting impact to future generations.”
The additional investment in the Verdient joint venture marks the latest in a series of actions taken by Ingredion to spur growth in plant-based proteins.
Additionally, Igor Playner, vice-president of plant-based proteins at Ingredion notes: “By combining our expertise in product formulation with Verdient’s high-quality Canadian-sourced pulses.
“We are uniquely positioned to be a reliable source supporting manufacturers as they create great-tasting and affordable plant-based proteins for food and beverages.”
Ingredion said it is making significant capital investments to transform the site to produce pulse-based protein isolates, which by the close of this year is expected have the capacity of producing ingredients that enhance its current Vitessence Pulse protein isolate line.
Last year, the company purchased a processing facility in South Sioux City, Neb and announced a US$60 million planned investments to grow its specialty food ingredients business in Asia-Pacific.