Ingredion, MGP Ingredients post double-digit growth in Q2 buoyed by increased consumer demand

USA — American multinational food ingredients supplier Ingredion and producer of specialty wheat protein and Starches MGP Ingredients have seen record growth in Q2 sales driven by exceptionally strong consumer demand.  Ingredion’s quarterly sales for the quarter ended June 30 rose 31% to $1.76 billion mainly driven by particularly strong momentum in North America, the company’s largest business unit. Sales rose 26% to US$1.07 billion while the segment’s operating income rose 48% to US$149 million.  “North America net sales were up significantly for the quarter when compared to the prior year,” said James Derek Gray, chief financial…

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MGP Ingredients acquires US alcohol producer Luxco in a US$475m deal

US – MGP Ingredients, a supplier of distilled spirits and specialty wheat proteins and starches, has agreed to acquire US alcohol producer and marketer Luxco and its affiliated companies in a $475 million deal. In a statement, MGP said that the acquisition – comprised of equal parts cash and stock – will increase its scale and boost its market position in the branded spirits sector. Luxco is a producer, supplier, importer and bottler of beverage alcohol products, with a portfolio of brands that includes Ezra Brooks, Daviess County, Yellowstone, El…

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American distilled spirits maker MGP Ingredients acquires New Columbia Distillers

USA – MGP Ingredients a supplier of distilled spirits and specialty wheat proteins and starches, has acquired Washington, D.C.-based New Columbia Distillers for an undisclosed sum. Founded in 2011, New Columbia Distillers produces and markets Green Hat Gin and operates a distillery with retail tasting room, bar and gin garden in Northeast Washington, D.C. Under its new owner, the distillery and its retail operations will continue to operate with the current management team, and its range of Green Hat Gin styles will be phased into expanded distribution as a new addition…

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MGP Ingredients 2017 net income, net sales escalates

USA – The American MGP Ingredients, a leading supplier of premium distilled spirits and specialty wheat proteins and starcheshas reported that consolidated net sales increased 8.7% to US$88.2 million, while net income increased by 52.6% to US$12.6 million basically due to enactment of Tax Cuts and Jobs Act into law, resulting to the revaluation of the Company’s deferred income taxes. The company recorded an increase in gross profit, gross margins and improved sales, driven by growth in premium beverage alcohol and specialty ingredients. Improved gross profit results were contributed by…

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