WESTCHESTER, ILL. — Corn Products International, Inc. has entered into an agreement to acquire National Starch Food Innovation from Akzo Nobel N.V. for $1.3 billion in cash. The acquisition is expected to close at the end of the third quarter of 2010 and is subject to regulatory approvals.
“The acquisition of National Starch represents an exceptional opportunity for our company and a significant step forward toward achieving our strategic goals,” said Ilene Gordon, chairman, president and chief executive officer of Corn Products International. “The acquisition aligns with our strategic priorities to grow our ingredient portfolio, increase our presence in priority food processing segments, enter new markets, and develop innovative solutions that better serve our customers.
“Combining National Starch with Corn Products will create an ingredient solutions leader with nearly $5 billion in revenues. The combined company will benefit from leading, innovative technology; enhanced geographic scale; a broader and deeper product portfolio; and access to new market segments.”
Based in Bridgewater, N.J., National Starch had revenues of approximately $1.2 billion during 2009. The company has 2,250 employees around the world and operates 11 plants in 8 countries, including new geographies for Corn Products such as the United Kingdom, Germany, Australia, and New Zealand.
“This acquisition gives us access to new markets such as Europe, and improves our scale and capabilities in many of our existing global locations,” Ms. Gordon said. “We will be able to better serve our global customers with our enhanced geographic footprint and the addition of National Starch’s technology. Further, we expect significant production efficiencies and cost synergies that will make us more competitive around the world.”