Ingredion Incorporated Reports Second Quarter 2018 Results

Thursday, 2 August 2018, 18:30 HKT/SGT

Source: Ingredion Incorporated[1]

"We continue to position Ingredion for long-term growth as a more agile company and are taking swift actions across our business in response to increasing inflationary pressures and current production imbalances in North America. We are moving aggressively to improve our cost structure, optimize our network capacity and drive operational execution," said Jim Zallie, Ingredion's president and chief executive officer. "Among these actions is the establishment of our $125 million Cost Smart program to deliver savings through cost of sales, including freight, and SG&A reductions, starting in the second half of 2018. This includes the cessation of wet-milling and production of high fructose corn syrup and industrial starches at our Stockton, CA facility by the end of 2018. In addition to our cost savings measures, we will be pursuing necessary pricing actions. We remain focused on delivering our long-term earnings algorithm by growing our Specialties portfolio to $2 billion in sales by 2022, and strengthening our business model built on global reach, local touch, innovation and differentiated value propositions aligned with market trends."

Zallie concluded, "In addition to these actions, we remain committed to strategically deploying cash to increase shareholder value. During the second quarter, we returned capital to shareholders through the repurchase of 1.25 million shares."

INGR 2Q 2018 earnings release FINAL COPYhttp://hugin.info/147221/R/2208816/859329.pdf^[2]

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: Ingredion Incorporated via Globenewswire

Topic: Press release summary http://www.acnnewswire.com From the Asia Corporate News Network

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References

1. ^{^} Ingredion Incorporated (www.ingredion.com)
2. ^{^} http://hugin.info/147221/R/2208816/859329.pdf (hugin.info)