Ingredion Incorporated (INGR)

Ingredion agreed on 8 June 2026 to buy Tate & Lyle PLC, a UK maker of ingredients that cut sugar, calories and fat, for 595 pence in cash a share, about £2.7 billion 32.

Tate & Lyle shareholders approved the deal on 28 July 2026 7. The company expects it to complete in the second half of 2027 2.

Second-quarter 2026 net sales rose 1 percent to $1,850 million 2. Reported operating income fell 31 percent to $188 million, and the company named an outage at its Argo plant, the closure of its Cabo plant in Brazil and hedging losses on the deal as causes 12.

Diego Reynoso, who had been chief financial officer of Boston Beer, became Ingredion’s chief financial officer on 1 October 2026 8. The company reaffirmed its full-year guidance for adjusted earnings per share of $10.30 to $10.90 1.

In 2021 net income was $117 million, down sharply because of a $340 million impairment charge on moving its Argentina business into a joint venture 13.

In 2022 net sales rose 15 percent to $7,946 million, as stronger pricing more than offset higher corn and input costs 13. It also bought KaTech in April 2021, Amishi in August 2022 and most of Mannitab in December 2022 13.

In 2023 net sales rose 3 percent to $8.2 billion and operating income rose 26 percent to $957 million, mostly on better pricing 12.

Net sales fell 9 percent to $7.4 billion in 2024, as lower corn costs were passed on to customers and the South Korea business was sold 11. The company also ceased operations at plants in Vanscoy, Goole and Alcantara, booking $127 million of restructuring and impairment charges 11.

On 1 January 2024 the company regrouped into three reportable segments, and on 1 February 2024 it sold its South Korea business 10.

In 2025 net sales fell 3 percent to $7.2 billion on lower volume and pricing, yet operating income rose 15 percent to $1,016 million because of lower raw material costs 10.

In September 2025 the company agreed to sell 51 percent of its Pakistan business 10. The sale closed on 30 June 2026 for about $165 million in cash 6.

On 1 May 2026 it committed to stop operations at its Cabo plant in Brazil from 30 June 2026 5.

What it sells

Ingredion turns corn, tapioca, potato, peas and rice into starches, sweeteners and other food ingredients 10. Food companies use starches for jobs such as gelling, mouthfeel and texture 10.

Starch products were 50 percent of 2025 net sales and sweeteners 34 percent 10. No customer accounted for 10 percent or more of net sales in 2025 10.

Texture & Healthful Solutions

This segment sells modified and native starches, clean-label texturizers and hydrocolloids to global food makers 10. Its 2025 sales were $2,397 million and operating income $405 million 10.

In the second quarter of 2026 it posted its ninth straight quarter of volume growth, and operating income rose 5 percent to $117 million 1. It runs 20 plants and competes with ADM, Tate & Lyle, Cargill and Roquette 10.

Food and Industrial Ingredients, Latin America

Nine plants in Mexico and South America turn mostly corn into starches, sweeteners and co-products, and the segment is strong in brewing 10. Its 2025 sales were $2,341 million and operating income $493 million 10.

In the second quarter of 2026 operating income fell 7 percent to $118 million, which the company tied to Mexico’s currency effects and weaker demand 2.

Food and Industrial Ingredients, North America

Six plants in the United States and Canada turn corn into starches and sweeteners, and rivals include ADM, Cargill and Primient 10. Its 2025 sales were $2,013 million and operating income $315 million 10.

In the second quarter of 2026 operating income fell 33 percent to $58 million on production challenges at the Argo plant 2. The company said on 4 August 2026 that Argo was running at normal rates 1.

All Other

This group holds stevia sales from PureCircle, other sugar-reduction sweeteners and pea protein, with 2025 sales of $468 million 10.

Plants, people and problems

The company had 41 active plants, 11,200 employees and a research team of over 500 scientists and engineers working across 30 Idea Labs 10.

The board named James Zallie, already chief executive, chairman on 9 February 2026 9. Diego Reynoso became chief financial officer on 1 October 2026 8.

In 2022 the company reported air emissions above permit limits at its Bedford Park plant, and the Illinois EPA issued a notice of violation on 8 February 2023 10. Talks with the agency continue 10.

The umbrella, in words

Ingredion sells to other businesses 10. The names in its annual report are PureCircle, a stevia sweetener business, and Ingredion Idea Labs, its customer development centers 10.

It owns 98 percent of PureCircle, after buying shares from minority holders 10. It owns 49 percent of Ingrear Holding S.A., an Argentine joint venture with Grupo Arcor 10.

After selling control of Rafhan Maize in Pakistan, it keeps an approximately 20 percent stake and a put option exercisable from the fifth year after closing 6. If the Tate & Lyle deal closes, that company becomes a subsidiary 2.

Its plants are owned apart from one leased in Banglen, Thailand 10. BlackRock reported 6,566,730 shares, or 10.4 percent of the class, in a Schedule 13G filed on 10 September 2024 14.

The company expects the Tate & Lyle deal to complete in the second half of 2027 2. The offer must take effect by 8 December 2027, or a later date no later than 8 June 2028 2.

Clearances are needed under competition laws in the United States, United Kingdom, European Union, China and other countries, and no termination fee is payable by either side 2. Equity Report said on 18 September 2026 that the deal could face a lengthy antitrust review in Canada, according to a local competition lawyer 15.

To pay for it, the company signed a $1,475 million delayed draw term loan on 24 June 2026 4. It also holds a bridge loan facility reduced to $2,750 million 2.

For the full year the company expects adjusted earnings per share of $10.30 to $10.90, cash from operations of $700 million to $800 million and capital spending of about $450 to $490 million 1.

It expects operating income in its North America food and industrial segment to fall 20 to 25 percent, and third-quarter net sales to rise by a low single-digit rate 1. It also targets $100 million of share repurchases for the year 1.

Closing the Cabo plant is expected to cost about $43 million before tax, with charges running through the first quarter of 2027 5. James Zallie is to be chairman and chief executive of the combined group 2.