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Slide #14. Penford Corporation — Gum Technology Corporation
Penford Corporation (PENX)
Gum Technology Corporation
Penford Corporation (NASDAQ:PENX), a leader in ingredient systems for food and industrial applications, announced today that it has entered into a definitive agreement to acquire Gum Technology, a privately held gum and hydrocolloids distribution, blending and services company. Gum Technology, based in Tucson, Arizona, serves primarily the food and beverage industries. It posted 2013 revenues of about $12 million.
Penford is a developer, manufacturer and marketer of natural-based ingredient systems for food and industrial applications, including fuel grade ethanol. Co. operates in two business segments: Industrial Ingredients and Food Ingredients. Each of Co.'s businesses utilizes its carbohydrate chemistry to develop starch-based ingredients. Co.'s Industrial Ingredients segment is a supplier of chemically modified starches to the paper and packaging industries. This segment also produces food grade corn starch for sale by Co.'s Food Ingredients business. Co.'s Food Ingredients segment is a developer and manufacturer of starches and dextrins to the food manufacturing and food service industries.
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Hold (2.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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