Penford Corp., a maker of modified specialty starches for the food, pet products and paper industries, has agreed to acquire Tucson, Ariz.-based Gum Technology Corp., a provider of hydrocolloid stabilizing systems. Financial terms were not disclosed.
In addition to specialty starches, Penford manufactures fuel-grade ethanol as well as a range of industrial products offering sustainable solutions to petro-chemical ingredients.
By combining Gum Technology’s 33-year knowledge base of gum synergies and systems with Penford’s knowledge of starch solutions, Gum Technology said it expects to create a broader catalog of gums and starches within its GumPlete line of stabilizers.
“We are pleased to join Penford and anticipate exciting opportunities to combine our companies’ expertise in product lines and broad geographic reach,” said Allen Freed, chief executive officer of Gum Technology. “With Penford’s resources and product knowledge, we can immediately begin advancing Gum Technology’s GumPlete line of gum-starch blends.”
Tom Malkoski, c.e.o. of Penford, said Gum Technology’s product line and reputation will broaden Penford’s portfolio of functional and specialty ingredient systems for existing customers and open new segments to the company.
“We see opportunities in both food and industrial bio-products for high value, specialized products from the combination of our product lines and customer relationships,” Mr. Malkoski said.
Gum Technology will continue to offer a product range of gums and stabilizer blends under the Coyote Brand name. Gum Technology’s headquarters is in Tucson. The company has warehouses in Chino, Calif.; Newark and Paterson, N.J.; and Hammond and Mooresville, Ind.
