WESTCHESTER, Ill., February 9, 2022 – Ingredion Incorporated, a leading global provider of ingredient solutions to the food and beverage industries, announced today, the day before World Pulses Day 2022, a new equity investment in InnovoPro, a leading Foodtech chickpea solutions company.
“We believe this investment will unlock huge consumer appeal for chickpea protein concentrates. InnovoPro has a strong portfolio of chickpea solutions and we are excited about the potential for the new applications that this will enable for our customers by capitalizing on the trends shaping the food industry.” said Michael Natale, global leader of Ingredion’s plant-based protein platform. “InnovoPro is a recognized innovator in the food industry and together, we are poised to breakthrough with great tasting and functional chickpea solutions.”
InnovoPro offers chickpea protein products that are sustainable, clean label and provide neutral taste while preserving nutritional value, functionality, and desirable texture. InnovoPro is targeting the global protein ingredients market which is searching for new opportunities for providing alternative and more sustainable protein-rich products.
"We are looking forward to this great partnership with Ingredion," said Taly Nechushtan, chief executive officer of InnovoPro. "In the years ahead, we intend to significantly increase our growth trajectory as we are transforming to a platform of chickpea ingredients. Based on our unique chickpea protein, we now offer a variety of solutions that allow us to expand from dairy alternatives to additional markets, such as meat analogues, egg replacers, and more, to inspire consumers with healthier and tastier solutions.”
As manufacturers explore pulse-based plant proteins to bring the appeal of health, nutrition, and sustainability to their brands, chickpea provides advantaged solutions to the market. A recent Ingredion proprietary consumer research study showed that chickpea ranked highly for awareness and perceived healthiness. Chickpeas functional characteristics, such as water and fat binding, also help manufacturers to create a desirable, rich mouthfeel. Its neutral taste also enables its use in many applications.
Ingredion Incorporated (NYSE: INGR) headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2021 annual net sales of nearly $7 billion, the Company turns grains, fruits, vegetables, and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets.
With Ingredion Idea Labs® innovation centers around the world and approximately 12,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of people, nature, and technology together to make life better. Visit ingredion.com for more information and the latest Company news.
InnovoPro is committed to bringing unique plant-based protein ingredients to the global food & beverage market, for creating nutritious, tastier, and sustainable food products. With an excellent nutritional profile, “free from” properties and wide usability in the food industry, InnovoPro’s CP-Pro 70® concentrate is the best choice for the growing plant-based protein market. With its growing recognition and infrastructure, InnovoPro is in the best position to scale up its innovative solutions worldwide. Visit innovopro.com to learn more.
FORWARD LOOKING STATEMENT
This news release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Ingredion intends these forward-looking statements to be covered by the safe harbor provisions for such statements.
Forward-looking statements include, among others, any statements regarding the prospects for chickpea
-based ingredients and Ingredion's future prospects or financial condition, revenues, profits, investments and research and development activities, cash flows, expenses or other financial items, any statements concerning Ingredion’s future operations, including management’s plans or strategies and objectives therefore, and any assumptions, expectations or beliefs underlying the foregoing.
These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.
Our forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” and other information included in our Annual Report on Form 10-K for the year ended December 31, 2020 and in our subsequent reports on Forms 10-K, 10-Q and 8-K.