BRIDGEWATER, N.J.—National Starch, a subsidiary of AkzoNobel, entered into an agreement to acquire Penford’s Australian specialty grain wet milling and manufacturing facility based in Lane Cove and certain other intellectual property and assets of Penford’s Australian specialty starch business.
The acquisition is in final review and is expected to close by the end of November; terms were not disclosed.
The acquisition will expand National Starch’s regional capability to supply specialty corn starches into food applications in the Asia-Pacific region. It also complements National Starch’s market position as a leading supplier of specialty ingredients derived from a variety of different starch bases.
The acquisition will add two new product lines to National Starch’s line of specialty food starches. These include Penford’s “clean label” starch product technology to complement National Starch’s world-leading NOVATION® functional native food starches and additional resistant starch products which expand National Starch’s line of products for nutrition and health applications.
“This is an excellent addition to our global portfolio and further strengthens our ability to support customers in the growing Asia-Pacific region,” said James P. Zallie, president and CEO. “The addition to our global supply network will shorten our supply lines of specialty starches into Australia and Asia, improve our competitive advantage and enhance our ability to strengthen our leadership position in the region.”