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Ingredion (NYSE: INGR) | Company Profile, History, Competitors


Ingredion (NYSE: INGR) manufactures ingredient solutions to a variety of industries, including food, beverage, paper, and brewing industries. The company was founded in 1906 and is headquartered in Westchester, IL.

Ingredion helps turn corn, potatoes, vegetables into starches and sweetener products. Starches are used for paper production, textiles and industrial applications. Sweeteners are used in food and beverages.

Business Overview

Ingredion operates in three main segments.
  • Starch Products (44% of 2017 Revenues): Sells starches for various industries
  • Sweetener Products (37% of 2017 Revenues): Sells various types of sweeteners
  • Co-Products and Others (19% of 2017 Revenues): Sells co-products from the production of starches

Starch Products Segment

Ingredion manufactures starches from corn, potatoes and vegetables which are used in a wide range of processed foods for adhesion, fat replacement, gelling, and glazing purposes. Cornstarch is also sold directly to consumers. Starches are also used for paper/containerboard manufacturing, textiles, industrials and biomaterial applications.

Sweetener Segment

Ingredion manufactures sweeteners such as high fructose corn syrup, glucose syrups, high maltose syrups,  polyols, glucose syrup solids and non-GMO syrups. The sweeteners are used in a wide range of foods and beverages. 

Co-Products and Other Segment

Ingredion sells co-products from the manufacturing of starches. these include refined corn oil used for cooking and margarine production. Corn gluten meal is sold as feed for chickens and pet food. 

Manufacturing and Distribution

Ingredion has 20 manufacturing plants in the North America and 5 manufacturing plants in EMEA. Ingredion also uses a network of tolling manufacturers in various regions to produce starches.

The typical manufacturing process is a two-step process that involves wet-milling and processing of starch-based materials like corn. First, corn is steeped into a water-based solution and separated into starch and co-products. Second, the starch is either dried or further processed to make sweeteners.


James Zallie (CEO): James Zallie serves as CEO since 2018. Prior, he held various roles at Ingredion, including VP Specialities, President of EMEA & Asia Pacific. Prior, he served as CEO of National Starch, which was acquired by Ingredion.

James Gray (CFO): James Gray serves as CFO since 2017. Prior, he was VP Corporate Finance at Ingredion. He has also served as the President of the Gatorade Division at Pepsico.


 $ USD in millions    2013    2014 2015 2016 2017
 Revenues $6,328 $5,668 $5,621 $5,704 $5,832 
 Gross Profit $1,131 $1,115  $1,242  $1,402  $1,473 
 Operating Profit $613 $581  $660  $808  $842 
 Net Income$396 $355 $402  $485  $519 
 EPS$5.14 $4.82 $5.62 $6.70 $7.21