Penford to Acquire Gum Technology

Penford Corporation has entered into a definitive agreement to acquire Gum Technology, a privately held gum and hydrocolloids distribution, blending and services company based in Tucson, Ariz. The acquisition is expected to close in late March, subject to certain conditions.

CENTENNIAL, Colo.—Penford Corporation has entered into a definitive agreement to acquire Gum Technology, a privately held gum and hydrocolloids distribution, blending and services company based in Tucson, Ariz. The acquisition is expected to close in late March, subject to certain conditions.

“Gum Technology’s product line and reputation for outstanding customer service will broaden Penford’s portfolio of functional and specialty ingredient systems for existing customers and open new segments to the company," said Penford CEO Tom Malkoski. “We see opportunities in food and industrial bio-products for high value, specialized products from the combination of our product lines and customer relationships.

“This acquisition fits well with our strategy of accelerating the pace of growth of the company’s specialty businesses. Our food segment continues to expand, largely from new products and ingredient systems, and the industrial bio-products business is showing meaningful progress through innovative products and a broader range of applications. We believe the addition of Gum Technology will contribute to both of these important business segments."

Gum Technology markets a range of gums and other hydrocolloids throughout North America and Asia. Gum Technology’s products are found in a wide variety of food products, including beverages, sauces, bakery, frozen foods, jams and fruit fillings, spice blends, dairy applications and nutraceuticals.

Commenting on the deal, Gum Technology CEO Allen Freed said: “We are pleased to join Penford and anticipate exciting opportunities to combine our companies’ expertise in product lines and broad geographic reach. With Penford’s resources and product knowledge, we can immediately begin advancing Gum Tech’s GumPlete™ line of gum-starch blends."

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