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.
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.
“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.”
“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.