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INGREDION INC. DL-,01 (CNP.BE)

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  • GlobeNewswire

    Partnership to improve the functionality of pulse-based ingredients

    Companies come together to help commodities reach new marketsSASKATOON, Saskatchewan, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Today, Protein Industries Canada announced an investment into a project aimed at opening new markets for pulse-based proteins by increasing their functionality in high-value ingredients. Ingredion Inc., Ingredion Plant Based Protein Specialties (Canada) Inc., Verdient Foods Inc., T Base 4 Investments and O.M.D. Food Products are partnering to commercialize new technology that will improve the functionality of pulse-based ingredients. Initially focusing on yellow peas, the partners will use physical processing techniques to turn the commodities into ingredients that will be available to food processors and manufacturers in Canada and internationally.“This innovative project is a great example of how the Protein Supercluster is playing an important role in the modernization of Canada’s plant protein sector. Through this collaborative effort, these companies are demonstrating what it truly means to be global innovation leaders by creating better tasting ingredients for plant-protein alternatives, and new markets for Canadian pulse growers,” said the Honourable Navdeep Bains, Minister of Innovation, Science and Industry.“The partnership announced today will help the plant proteins sector remain on the cutting edge of agricultural innovation,” said the Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food. “This investment will both add value to Canadian pulse farmers’ crops and grow our exports.”The project is expected to lead to the expansion of applications that will broaden the markets for pulses by improving their functionality as ingredients in plant-based protein products. Following the processing of yellow peas, the partners expect to shift their work to commodities such as lentils, chickpeas, green peas and faba beans. As it progresses, the project is expected to create up to 30 new Canadian jobs.“The difference these partners are going to make in the lives of Canadians is incredible to think about,” Protein Industries Canada CEO Bill Greuel said. “From the farmers who’ll have new markets for their crops, to the processors who’ll have new ingredients to work with, to the families who’ll have new products on their plates, everyone along the value chain will have something to look forward to. It represents a true expansion and strengthening of the plant-protein ecosystem.”A total of $25.7 million has been committed to the project, with the partners investing $12.8 million and Protein Industries Canada committing an additional $12.8 million. The partners expect the pulse-based ingredients to be of interest to large-scale food processors and manufacturers throughout Canada and international markets, helping drive further investment into Canada’s economy and the plant-protein sector.“Ingredion is excited to advance our specialties strategy by providing high-quality ingredients that address consumers’ preferences for sustainable, plant-based alternatives,” said Beth Tormey, Ingredion’s vice president of plant-based proteins. “Protein Industries Canada’s contribution will accelerate our work by enabling the use of new technology and innovation to create a more inclusive and sustainable food system. By coming together with other consortium members, we will produce the next generation of ingredients that can be used by food manufacturers in Canada and on a global scale. Development of our first products are underway, and we expect that these efforts will benefit food manufacturers following continued innovation and investment.”“Ingredion looks forward to partnering with industry leaders from the consortium to produce high-value, sustainable ingredients and contribute to the global expansion of Canada’s role in plant-based proteins,” said Jorgen Kokke, Ingredion’s executive vice president and president, Americas. “This project complements our pulse-based protein portfolio, aligns with our growth strategy and accelerates our ability to deliver consumer-preferred foods and beverages to global markets.”“The Verdient Foods team is thrilled to be a part of a such a critical project to bring new plant-based ingredients to a global marketplace,” said former GM of Verdient Foods and Senior Advisor to IPBPS and Ingredion Incorporated Blair Knippel. “Protein Industries Canada’s contributions will lead directly to ongoing improvements to the manufacturing capabilities in Vanscoy. The project solidifies Verdient Foods’ original vision, which is to position as key contributor to the plant-based protein movement and leader in sustainable food ingredient production.”“We share a common vision with Protein Industries Canada, and with our valued partner, Ingredion, a leading ingredient solutions provider,” Verdient co-founder James Cameron said. “That shared vision is to create a broad range of sustainable plant proteins and plant-based products to meet the explosive growth in demand. Our goal is to add value within Canada, rather than just shipping megatonnage overseas at commodity prices. To add jobs and grow our GDP.”“OMD’s mission is to shine a light on the food industry and celebrate a new way of relating to food and eating,” said Suzy Amis Cameron, founder of OMD. “Plant-based foods and beverages not only increase our health, but that of the planet. Working with Ingredion, the PIC project provides OMD with an opportunity to bring new plant-based food products to broader consumer market one meal at a time.” With this being its 12th project announcement, Protein Industries Canada and industry together have invested approximately $272 million into plant-protein technology projects. Protein Industries Canada is currently accepting its third round of Expressions of Interest for its Technology and Capacity Building programs.For more information:Miranda Burski Protein Industries Canada Regina, SK 306-581-1340 miranda@proteinsupercluster.caAbout Ingredion Plant Based Protein Specialties (Canada), Inc. Ingredion Plant Based Protein Specialties (Canada), Inc., a member of the Ingredion group of companies, is located in Vanscoy, Sask., and manufactures pulse-based ingredients with improved functionality.About Ingredion Inc. 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 2019 annual net sales of more than $6 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 centres around the world and more than 11,000 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.About Verdient Situated in the heart of Canada’s pulse-crop growing region, Verdient Foods Inc.’s Vanscoy, Sask., operation naturally processes pulses into ingredients for food and industrial manufacturers.About O.M.D. Food Products O.M.D. Food Products Corp. is the Canadian manufacturing arm for Suzy Amis Cameron’s global “One Meal a Day for the Planet” movement. OMD envisions the health, animal and environmental benefits of global citizens eating at least one plant-based meal a day.

  • Ingredion to Acquire 100% Ownership in Joint Venture Accelerating Growth in Plant-Based Proteins
    GlobeNewswire

    Ingredion to Acquire 100% Ownership in Joint Venture Accelerating Growth in Plant-Based Proteins

    * Acquisition further enables net sales growth from pulse-based protein flours for consumer food and animal nutrition applications * By end of 2020, Company expects total investment in plant-based proteins to increase to over $200 million from $185 millionWESTCHESTER, Ill., Nov. 01, 2020 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today announced that it has signed an agreement with James Cameron and Suzy Amis Cameron to acquire the remaining portion of ownership in Verdient Foods Inc. that the Company did not already own. The acquisition is expected to close this month. The transaction was funded from the company's available liquidity. No other terms of the transaction were disclosed.“Acquiring 100% ownership in Verdient Foods enables Ingredion to accelerate net sales growth, further expand our manufacturing capability and co-create with our customers to serve the increasing consumer demand for plant-based foods,” said Jim Zallie, Ingredion’s president and chief executive officer. “Over the last two years, we have strategically invested over $200 million to build a leadership position in consumer-preferred plant-based proteins, which is central to Ingredion’s strategy and accelerating our Driving Growth Roadmap. We are well positioned to continue capitalizing on and benefiting from the megatrends driving the changes in the global food and beverage industry. We look forward to building on the foundation set by James and Suzy Amis Cameron, who have been pioneers in driving transformational change in the food industry and creating a shared sustainable future for all.”Jim Cameron stated: "Ingredion is truly committed to breakthrough, innovative and sustainable plant-based solutions, and to revolutionizing food systems for the health of the planet. Our collective efforts and shared vision are about igniting change and delivering benefits to consumers around the world.”As a result of the acquisition and once construction is complete on an adjacent facility, the Company will operate two facilities that can produce a wide range of high-quality, sustainable, specialty pulse-based concentrates and flours from peas, lentils and faba beans. Both facilities are located in Vanscoy, Saskatchewan, in the heart of Canada’s pulse-crop production area and serve as a prime location for the manufacturing and distribution of pulse-based ingredients to global markets. ADVANCEMENTS OF PLANT-BASED PROTEIN SPECIALTY GROWTH PLATFORM The acquisition of 100% of Verdient Foods Inc. is the latest in a series of actions and investments that the Company has taken to expand and advance its plant-based proteins specialty growth platform. It also recently announced two new senior executive appointments.Recent Senior Executive Appointments * On Oct. 1, 2020, Jeremy Xu, senior vice president and chief innovation officer, joined the Company from Royal DSM and is responsible for research and development and the technology strategy to advance the specialty growth platforms, as well as overseeing the Ingredion Idea Labs® innovation centers. * On Aug. 31, 2020, Beth A.C. Tormey, vice president of plant-based proteins, joined the Company from Lonza, where she last led the consumer health and nutrition business. At Ingredion, Tormey is responsible for driving the global execution and delivery of business volume, revenue and profitability targets for the plant-based proteins platform.Timeline of Plant-based Protein Investments 2020 * Acquisition of 100% ownership of Verdient Foods Inc. further accelerating growth in plant-based proteins * Investment in a Process Innovation Center in Bridgewater, NJ, enabling customers to test and develop formulations, ideas and solutions for plant-based meat alternatives * Exclusive commercial agreement with Northern Quinoa Production Corporation (NorQuin) to globally distribute and market quinoa flours 2019 * Additional investments related to Verdient Foods Inc. to expand portfolio of plant-based proteins * Investment in Clara Foods, a San Francisco-based biotech startup, to become exclusive, global go-to-market partner for certain developing animal-free proteins * Investment in a dedicated innovation lab in Englewood, CO, focused on plant-based meat alternatives where food scientists and product developers apply formulation expertise to help customers accelerate product launches and improve existing recipes 2018 * Establish joint venture agreement with Verdient Foods Inc. to produce pulse-based protein concentrates and flours from peas for consumer food and animal nutrition applications * Purchase facility in South Sioux City, NE, initiating significant capital investments to transform and accelerate its production of plant-based proteinsABOUT INGREDION 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 2019 annual net sales of more than $6 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 more than 11,000 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.CONTACTS: Investors: Tiffany Willis, 708-551-2592 Media: Becca Hary, 708-551-2602

  • Ingredion Incorporated Reports Third Quarter 2020 Results
    GlobeNewswire

    Ingredion Incorporated Reports Third Quarter 2020 Results

    * Third quarter 2020 reported and adjusted EPS* were $1.36 and $1.77, respectively, compared with $1.47 and $1.86 in the third quarter 2019, respectively * Year-to-date 2020 reported and adjusted EPS were $3.45 and $4.50, respectively, compared with $4.51 and $5.06 in the year-ago period, respectively * The Company expects to increase its investment in Verdient Foods Inc. by acquiring 100% ownership, further bolstering its plant-based proteins portfolio WESTCHESTER, Ill., Nov. 01, 2020 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported results for the third quarter 2020. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for 2020 and 2019, include items that are excluded from the non-GAAP financial measures that the Company presents.“We are pleased with our operational execution and financial performance for the third quarter. We experienced sequential improvement over second quarter 2020 in customer volume demand across all four of our regions, driven by increased consumer activity in response to easing of COVID-19 restrictions,” said Jim Zallie, Ingredion’s president and chief executive officer. “Reported and adjusted operating income were up 35% and 41%, respectively, from the second quarter. Our intense focus on servicing customers and operational execution, enabled us to deliver year-over-year profit growth in most of our regions.”“As we continue to navigate the different economic environments around the world, we remain focused on the resilience of our workforce, the responsibility to the communities in which we operate and ensuring business continuity for our customers. Our teams displayed great agility and creativity to advance our go-to-market strategy with customers, and I am incredibly proud of them. As part of new ways of working, we are leveraging new forms of digital collaboration to connect, innovate and co-create with our customers. Around the world, we are moving our Idea Labs to virtual interactive studios to bring the innovation process to our customers, wherever they are,” Zallie continued.“Today, we announced another strategic step to advance our Driving Growth Roadmap with the pending acquisition of Verdient Foods Inc., bringing our ownership to 100%. This transaction enables us to accelerate net sales growth, further expand our manufacturing capacity and better manage our supply network to serve the increasing demand for plant-based proteins. During the quarter, we also further enhanced our sugar reduction capabilities by integrating PureCircle’s global team and operations.”“We are well positioned to effectively manage through the uncertainties due to the pandemic and successfully support our customers and their changing needs. We remain confident in the relevance of our strategy to grow our business and deliver value for shareholders,” concluded Zallie.*Adjusted diluted earnings per share (“adjusted EPS”), adjusted operating income, adjusted effective income tax rate and adjusted cash flow from operations are non-GAAP financial measures. See section II of the Supplemental Financial Information entitled “Non-GAAP Information” following the Condensed Consolidated Financial Statements included in this press release for a reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures.Diluted Earnings Per Share (EPS) 3Q193Q20YTD19YTD20 Reported EPS$1.47$1.36$4.51$3.45 Impairment/Restructuring Costs$0.32$0.22$0.47$0.51 Acquisition/Integration Costs-$0.06$0.02$0.10 Tax Items$0.07$0.01$0.06$0.33 Other Adjusted Items-$0.12-$0.12 Adjusted EPS**$1.86$1.77$5.06$4.50 Estimated factors affecting change in reported and adjusted EPS 3Q20YTD20 Margin(0.07)(0.05) Volume(0.02)(0.41) Foreign exchange(0.07)(0.20) Other income0.01(0.03) Total operating items(0.15)(0.69) Other non-operating income0.020.05 Financing costs0.090.09 Non-Controlling interests0.020.02 Shares outstanding(0.01)(0.02) Tax rate(0.06)(0.02) Total non-operating items0.060.12 Total items affecting EPS**(0.09)(0.56) **Totals may not foot due to roundingFinancial Highlights * At September 30, 2020, total debt and cash and short-term investments were $2.2 billion and $553 million, respectively, versus $1.8 billion and $268 million, respectively, at December 31, 2019. The increase in total debt and cash and short-term investments was primarily due to the Company's sale of $1.0 billion of senior notes in the second quarter 2020, partially offset by the redemption of $400 million of November 2020 senior notes in July. * Net financing costs were $22 million, which includes $5 million for interest payments associated with the early retirement of the senior notes in July. Net financing costs were $2 million lower in the third quarter from the year-ago period. The decrease resulted from lower net interest expense due to lower interest rates. * Reported and adjusted effective tax rates for the quarter were 30.1 percent and 26.2 percent, respectively, compared to 27.1 percent and 23.2 percent, respectively, in the year-ago period. The increase in reported and adjusted tax rates resulted primarily from US foreign tax credits, country earnings mix, and other one-time adjustments. * Year-to-date capital expenditures were $250 million, up $19 million from the year-ago period.Business ReviewTotal Ingredion$ in millions2019 Net SalesFX ImpactVolumePricemix PureCircle2020 Net Sales% change% change excl. FX Third quarter1,574-38-36-681,502-5%-2% Year-to-Date4,660-138-2147884,394-6%-3% Reported Operating Income$ in millions2019FX ImpactBusiness DriversPureCircleAcquisition / IntegrationRestructuring / ImpairmentOther2020% change% change excl. FX Third quarter165-6-3-5-512-5153-7%-4% Year-to-Date494-18-41-5-6--5419-15%-11% Adjusted Operating Income$ in millions2019FX ImpactBusiness Drivers PureCircle2020% change% change excl. FX Third quarter193-6-3-5179-7%-4% Year-to-Date537-18-41-5473-12%-8% Net Sales * Third quarter net sales were down from the year-ago period. The decrease was driven by foreign exchange impacts in South America and sales volume declines in North America. Excluding foreign exchange impacts, net sales were down 2 percent for the quarter. * Year-to-date net sales were down from the year-ago period. The decrease in year-to-date net sales was driven by sales volume declines in North America and South America and foreign exchange impacts in South America which were partially offset by favorable pricing. Excluding foreign exchange impacts, net sales were down 3 percent year-to-date.Operating income * Reported and adjusted operating income for the quarter were $153 million and $179 million, respectively, both of which decreased by 7 percent, from the year-ago period. The decreases were largely attributable to lower sales volumes in North America and the inclusion of PureCircle results. Excluding foreign exchange impacts, reported and adjusted operating income were both down 4 percent from the same period last year. * Year-to-date reported and adjusted operating income were $419 million and $473 million, respectively, decreases of 15 percent and 12 percent, respectively, from the year-ago period. The decreases were largely attributable to lower sales volumes in North America and higher corporate costs due to continued investments to drive business and digital transformation. Excluding foreign exchange impacts, reported and adjusted operating income were down 11 percent and 8 percent, respectively, from the same period last year. * Third quarter and year-to-date reported operating income were lower than adjusted operating income by $26 million and $54 million, respectively, due to asset closures and restructuring costs related to Cost Smart, acquisition and integration costs, and the impact of the August storm damage in Iowa. North AmericaNet Sales$ in millions2019 Net SalesFX ImpactVolumePrice mix2020 Net Sales% change% change excl. FX Third quarter984-1-31-24928-6%-6% Year-to-Date2,912-6-181142,739-6%-6% Segment Operating Income$ in millions2019FX ImpactBusiness Drivers2020% change% change excl. FX Third quarter145--13132-9%-9% Year-to-Date409-1-50358-12%-12% Operating income * Third quarter operating income was $132 million, a decrease of $13 million from the year-ago period. The decrease was driven by lower volumes, as COVID-19 continued to impact away-from-home consumption across the region, and unfavorable mix in the U.S. and Canada. * Year-to-date operating income was $358 million, a decrease of $51 million from the year-ago period. The decrease was driven by significantly lower away-from-home consumption across the region and the shutdown of brewery customers in Mexico in the second quarter.South America Net Sales$ in millions2019 Net SalesFX ImpactVolumePrice mix2020 Net Sales% change% change excl. FX Third quarter245-38-724224-9%7% Year-to-Date699-104-2068643-8%7% Segment Operating Income$ in millions2019FX ImpactBusiness Drivers2020% change% change excl. FX Third quarter27-68297%30% Year-to-Date61-13206811%33% Operating income * Third quarter operating income was $29 million, an increase of $2 million from the year-ago period. The increase was driven by strong price mix which was partially offset by unfavorable foreign currency impacts. Excluding foreign exchange impacts, segment operating income was up 30 percent. * Year-to-date operating income was $68 million, an increase of $7 million from the year-ago period due to strong price mix which was partially offset by unfavorable foreign currency impacts and lower sales volumes. Excluding foreign exchange impacts, segment operating income was up 33 percent. Results for Argentina are accounted for in U.S. dollars under hyper-inflationary accounting.Asia-Pacific Net Sales$ in millions2019 Net SalesFX ImpactVolumePrice mix PureCircle2020 Net Sales% change% change excl. FX Third quarter205-1-782071%1% Year-to-Date611-12-12-128583-5%-3% Segment Operating Income$ in millions2019FX ImpactBusiness Drivers PureCircle2020% change% change excl. FX Third quarter22-1-518-18%-18% Year-to-Date65-11-560-8%-6% Operating income * Third quarter operating income was $18 million, down $4 million from the year-ago period driven by $5 million of operating loss from PureCircle. Excluding PureCircle, third quarter operating income was $23 million, up $1 million from the year-ago period driven by lower input costs and operating expenses. * Year-to-date operating income was $60 million, a decrease of $5 million from the year-ago period. PureCircle results reduced year-to-date operating income by $5 million. Excluding PureCircle results, year-to-date operating income was flat to the same period in the prior year as lower input costs and favorable operating expenses offset lower sales volumes in the first half due to the impact of stay-at-home orders. Excluding foreign currency impacts, segment operating income was down 6%.Europe, Middle East, and Africa (EMEA)Net Sales$ in millions2019 Net SalesFX ImpactVolumePrice mix2020 Net Sales% change% change excl. FX Third quarter140-121432%2% Year-to-Date438-18-110429-2%2% Segment Operating Income$ in millions2019FX ImpactBusiness Drivers2020% change% change excl. FX Third quarter24-1254%4% Year-to-Date71-35733%8% Operating income * Third quarter operating income was $25 million, up $1 million from the year-ago period. The increase was largely attributable to favorable price mix in Pakistan and lower operating expenses in Europe. * Year-to-date operating income was $73 million, an increase of $2 million from a year ago. The increase was largely attributable to Pakistan pricing actions, solid EMEA specialty sales volume, and lower operating expenses in Europe, partially offset by the impacts of stay-at-home orders on Pakistan production and sales volume in the first half and negative foreign currency impacts. Excluding foreign currency impacts, segment operating income was up 8 percent.Dividends In September 2020, the Company increased the quarterly dividend to $0.64 per share from $0.63 per share, and paid dividends of $45 million in the third quarter and $132 million year-to-date.2020 OutlookDue to continued uncertainty of COVID-19 impacts, the Company cannot reasonably estimate full-year results at this time and guidance remains withdrawn.The Company anticipates continued impacts from COVID-19 on net sales volume across our operating segments in the fourth quarter, with recovery in net sales generally correlated with increased consumer activity. With pandemic case rates rising and falling across many geographies, we expect away-from-home consumption to continue to fluctuate, suppressing volume demand for ingredients that are formulated in food and beverages consumed away-from-home. We anticipate modestly higher demand for food consumed in home, increasing volumes for ingredients that are part of the recipes for these meals.For the full year, we expect a reported tax rate of 32 percent to 36 percent and an adjusted effective tax rate in the range of approximately 27 percent to 28 percent.Capital expenditures are anticipated to be between $290 million and $310 million, of which more than $100 million is being invested to drive Specialty growth.Conference Call and Webcast Details Ingredion will conduct a conference call on Monday, November 2, 2020 at 8:00 a.m. Central Time hosted by Jim Zallie, president and chief executive officer, and James Gray, executive vice president and chief financial officer. The call will be webcast in real time and will include a presentation accessible through the Company’s website at www.ingredion.com. The presentation will be available to download a few hours prior to the start of the call. A replay of the webcast will be available for a limited time at www.ingredion.com.About the Company 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 2019 annual net sales over $6 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added ingredients solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion Idea Labs® innovation centers around the world and more than 11,000 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.Forward-Looking Statements 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. The Company 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 Company's expectations regarding impacts of COVID-19, and the Company's effective tax rates and capital expenditures for 2020 and any assumptions, expectations or beliefs underlying the foregoing. These statements can sometimes be identified by the use of forward looking words such as "may," "will," "should," "anticipate," "assume," "believe," "plan," "project," "estimate," "expect," "intend," "continue," "pro forma," "forecast," "outlook," "propels," "opportunities," "potential," "provisional," or other similar expressions or the negative thereof. All statements other than statements of historical facts in this release or referred to in this release are "forward-looking statements."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 are 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.Actual results and developments may differ materially from the expectations expressed in or implied by our forward looking statements as a result of the following risks and uncertainties, among others: changing consumption preferences and perceptions, including those relating to high fructose corn syrup; the effects of global economic conditions and the general political, economic, business, and market conditions that affect customers and consumers in the various geographic regions and countries in which we buy our raw materials or manufacture or sell our products, including, particularly, economic, currency and political conditions in South America and economic and political conditions in Europe, and the impact these factors may have on our sales volumes, the pricing of our products, our access to credit markets and our ability to collect our receivables from customers; adverse changes in investment returns earned on our pension assets; future financial performance of major industries which we serve and from which we derive a significant portion of our sales, including the food, beverage, animal nutrition, and brewing industries; the uncertainty of acceptance of products developed through genetic modification and biotechnology; our ability to develop or acquire new products and services at rates or of qualities sufficient to meet expectations; changes in U.S. and foreign government policy, laws or regulations and costs of legal compliance; increased competitive and/or customer pressure in the corn-refining industry and related industries, including with respect to the markets and prices for our primary products and our co-products, particularly corn oil; the availability of raw materials, including potato starch, tapioca, gum Arabic and the specific varieties of corn upon which some of our products are based, and our ability to pass on potential increases in the cost of corn or other raw materials to customers; raw material and energy costs and availability; our ability to contain costs, achieve budgets and to realize expected synergies, including with respect to our ability to complete planned maintenance and investment projects on time and on budget, and to achieve expected savings under our Cost Smart program as well as with respect to freight and shipping costs; the impact of financial and capital markets on our borrowing costs, including as a result of foreign currency fluctuations, fluctuations in interest and exchange rates and market volatility and the associated risks of hedging against such fluctuations; the potential effects of climate change; our ability to successfully identify and complete acquisitions or strategic alliances on favorable terms as well as our ability to successfully integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to all of the foregoing; operating difficulties at our manufacturing plants or with respect to boiler reliability; risks related to product safety and quality and compliance with environmental, health and safety, and food safety laws and regulations; economic, political and other risks inherent in operating in foreign countries with foreign currencies and shipping products between countries, including with respect to tariffs, quotas and duties; interruptions, security breaches or failures that might affect our information technology systems, processes and sites; our ability to maintain satisfactory labor relations; the impact that weather, natural disasters, war or similar acts of hostility, acts and threats of terrorism, the outbreak or continuation of pandemics such as COVID-19 and other significant events could have on our business; the potential recognition of impairment charges on goodwill or long lived assets; changes in our tax rates or exposure to additional income tax liabilities; and our ability to raise funds at reasonable rates to grow and expand our operations.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" included in our Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 and in our subsequent reports on Form 10-Q and Form 8-K.CONTACTS: Investors:  Tiffany Willis, 708-551-2592 Media:  Becca Hary, 708-551-2602 Ingredion Incorporated ("Ingredion")  Condensed Consolidated Statements of Income  (Unaudited)                                        (in millions, except per share amounts) Three Months Ended September 30, Change % Nine Months Ended September 30, Change %    20202019   20202019    Net sales $1,502$1,574 (5%) $4,394$4,660 (6%)  Cost of sales 1,1761,230   3,4743,671    Gross profit 326344 (5%) 920989 (7%)               Operating expenses 155153 1% 456457 0%  Other expense (income), net 2(2)   4(3)    Restructuring/impairment charges 1628   4141    Operating income 153165 (7%) 419494 (15%)  Financing costs, net 2224   5962    Other, non-operating (income) expense, net (2)1   (3)1    Income before income taxes 133140 (5%) 363431 (16%)  Provision for income taxes 4038   125120    Net income 93102 (9%) 238311 (23%)  Less: Net income attributable to non-controlling interests 13   57    Net income attributable to Ingredion $92$99 (7%) $233$304 (23%)                            Earnings per common share attributable to Ingredion            common shareholders:                         Weighted average common shares outstanding:            Basic 67.266.9   67.266.9    Diluted 67.667.4   67.667.4                 Earnings per common share of Ingredion:            Basic $1.37$1.48 (7%) $3.47$4.54 (24%)  Diluted $1.36$1.47 (7%) $3.45$4.51 (24%)               Ingredion Incorporated ("Ingredion")  Condensed Consolidated Balance Sheets                    (in millions, except share and per share amounts)September 30, 2020 December 31, 2019      (Unaudited)              Assets        Current assets        Cash and cash equivalents$553  $264      Short-term investments -   4      Accounts receivable – net 913   977      Inventories 908   861      Prepaid expenses 56   54     Total current assets 2,430   2,160               Property, plant and equipment – net 2,354   2,306      Goodwill 841   801      Other intangible assets – net 479   437      Operating lease assets 161   151      Deferred income tax assets 23   13      Other assets 176   172    Total assets$6,464  $6,040             Liabilities and equity       Current liabilities        Short-term borrowings 62  $82      Accounts payable and accrued liabilities 893   885     Total current liabilities 955   967               Non-current liabilities 211   220      Long-term debt 2,115   1,766      Non-current operating lease liabilities 123   120      Deferred income tax liabilities 189   195      Share-based payments subject to redemption 32   31      Redeemable non-controlling interests 74   -                       Equity        Ingredion stockholders' equity:        Preferred stock – authorized 25,000,000 shares – $0.01 par value, none issued -   -      Common stock – authorized 200,000,000 shares – $0.01 par value, 77,810,875       shares issued at September 30, 2020 and December 31, 2019 1   1      Additional paid-in capital 1,145   1,137      Less: Treasury stock (common stock; 10,822,592 and 10,993,388 shares at        September 30, 2020 and December 31, 2019, respectively) at cost (1,027)  (1,040)     Accumulated other comprehensive loss (1,259)  (1,158)     Retained earnings 3,884   3,780     Total Ingredion stockholders' equity 2,744   2,720     Non-redeemable non-controlling interests 21   21     Total equity 2,765   2,741             Total liabilities and equity$6,464  $6,040            Ingredion Incorporated ("Ingredion")  Condensed Consolidated Statements of Cash Flows  (Unaudited)         For the Nine Months Ended September 30,   (in millions) 2020 2019            Cash provided by operating activities:        Net income $238  $311     Adjustments to reconcile net income to        net cash provided by operating activities:        Depreciation and amortization  158   158     Mechanical stores expense  39   42     Deferred income taxes  (1)  2     Charge for fair value mark-up of acquired inventory  3   -     Margin accounts  6   (4)    Changes in other trade working capital  80   (51)    Other  39   32     Cash provided by operating activities  562   490             Cash used for investing activities:        Capital expenditures and mechanical stores purchases, net proceeds on disposals  (250)  (231)    Payments for acquisitions, net of cash acquired  (208)  (42)    Investment in a non-consolidated affiliate  (6)  (10)    Short-term investments  4   4     Other  -   1     Cash used for investing activities  (460)  (278)            Cash provided by (used for) financing activities:        Proceeds from borrowings (payments on), net  341   (19)    Debt issuance costs  (9)  -     Repurchases of common stock, net  -   63     Issuances of common stock for share-based compensation, net of settlements  2   1     Dividends paid, including to non-controlling interests  (132)  (131)    Cash provided by (used for) financing activities  202   (86)             Effect of foreign exchange rate changes on cash  (15)  (10)    Increase in cash and cash equivalents  289   116     Cash and cash equivalents, beginning of period  264   327     Cash and cash equivalents, end of period $553  $443                             Ingredion Incorporated ("Ingredion")                Supplemental Financial Information                (Unaudited)                                                                                    I. Geographic Information of Net Sales and Operating Income                             (in millions, expect for percentages) Three Months Ended September 30,   Change Nine Months Ended September 30, ChangeChange    2020   2019  Change Excl. FX  2020   2019  %Excl. FX Net Sales                North America $928  $984  (6%) (6%) $2,739  $2,912  (6%)(6%) South America  224   245  (9%) 7%  643   699  (8%)7% Asia-Pacific  207   205  1% 1%  583   611  (5%)(3%) EMEA  143   140  2% 2%  429   438  (2%)2%  Total Net Sales $1,502  $1,574  (5%) (2%) $4,394  $4,660  (6%)(3%)                  Operating Income                North America $132  $145  (9%) (9%) $358  $409  (12%)(12%) South America  29   27  7% 30%  68   61  11%33% Asia-Pacific  18   22  (18%) (18%)  60   65  (8%)(6%) EMEA  25   24  4% 4%  73   71  3%8% Corporate  (25)  (25) 0% 0%  (86)  (69) (25%)(25%) Sub-total  179   193  (7%) (4%)  473   537  (12%)(8%) Restructuring/impairment charges  (16)  (28)      (41)  (41)    Acquisition/integration costs  (5)  -       (8)  (2)    Charge for fair value markup of acquired inventory  (3)  -       (3)      North America storm damage  (2)  -       (2)  -     Total Operating Income $153  $165  (7%) (4%) $419  $494  (15%)(11%)                  II. Non-GAAP Information                           To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), we use non-GAAP historical financial measures, which exclude certain GAAP items such as acquisition and integration costs, restructuring and impairment cost, Mexico tax provision, and certain other special items. We generally use the term “adjusted” when referring to these non-GAAP amounts. Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of our operating results and trends for the periods presented. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies. A reconciliation of each non-GAAP historical financial measure to the most comparable GAAP measure is provided in the tables below.                              Ingredion Incorporated ("Ingredion")  Reconciliation of GAAP Net Income attributable to Ingredion and Diluted Earnings Per Share ("EPS") to   Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS  (Unaudited)                               Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended   September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019   (in millions)Diluted EPS (in millions)Diluted EPS (in millions)Diluted EPS (in millions)Diluted EPS                Net income attributable to Ingredion$92 $1.36  $99$1.47 $233$3.45 $304$4.51                Add back:                           Acquisition/integration costs, net of income tax benefit of $1 million and $2 million for the three and nine months ended September 30, 2020, respectively, and $ - million and $1 million for the three and nine months ended September 30, 2019, respectively (i) 4  0.06   - -  6 0.10  1 0.02                Restructuring/impairment charges, net of income tax benefit of $1 million and $7 million for the three and nine months ended September 30, 2020, respectively, and $6 million and $9 million for the three and nine months ended September 30, 2019, respectively (ii) 15  0.22   22 0.32  34 0.51  32 0.47                Charge for fair value markup of acquired inventory, net of income tax benefit of $ - for the three and nine months ending September 30, 2020, respectively (iii) 3  0.04   - -  3 0.04                   Charge for early extinguishment of debt, net of income tax benefit of $1 million for the three and nine months ended September 30, 2020, respectively (iv) 4  0.06   - -  4 0.06  - -                North America storm damage, net of income tax benefit of $ - for the three and nine months ended September 30, 2020, respectively (v) 2  0.03   - -  2 0.03  - -                Tax (benefit) provision - Mexico (vi) (6) (0.08)  3 0.04  16 0.24  2 0.03                Other tax matters (vii) 6  0.09   2 0.03  6 0.09  2 0.03                Non-GAAP adjusted net income attributable to Ingredion$120 $1.77  $126$1.86 $304$4.50 $341$5.06                Net income, EPS and tax rates may not foot or recalculate due to rounding.                Notes                           (i) The 2020 period primarily includes costs related to the acquisition and integration of the business acquired from PureCircle Limited. The 2019 period primarily includes costs related to the acquisition and integration of the business acquired from Western Polymer, LLC.                (ii) During the three months ended September 30, 2020, the Company recorded $6 million of pre-tax restructuring/impairment charges, consisting of $4 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program and $2 million of restructuring related expenses primarily in North America and APAC as part of its Cost Smart cost of sales program. During the nine months ended September 30, 2020, the Company recorded $31 million of pre-tax restructuring/impairment charges, consisting of, $17 million of restructuring related expenses primarily in North America and APAC as part of its Cost Smart cost of sales program and $14 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program. In addition, the Company recorded a $10 million impairment of its equity method investment during the three months ended September 30, 2020, triggered by the decrease in fair value of its investment resulting from the agreed upon purchase price of the remaining 80% interest in Verdient Foods, Inc. The Company expects to complete the acquisition during Q4 2020. During the three and nine months ended September 30, 2019, the Company recorded $28 million and $41 million of pre-tax restructuring charges, respectively. During the third quarter of 2019, the Company recorded $14 million of net restructuring related expenses as part of the Cost Smart cost of sales program, including $6 million of employee-related costs and accelerated depreciation as part of the closure of our Lane Cove, Australia facility. Additionally, we recorded $4 million of employee-related costs in South America and APAC, and $4 million of other costs, including professional services, within the Cost Smart cost of sales program. The Company also recorded $14 million of restructuring related costs as part of the Cost Smart SG&A program, including $7 million of employee-related severance and $7 million of other costs, including professional services, primarily in North America and South America. During the nine months ended September 30, 2019, the Company recorded $41 million of restructuring charges including $20 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program, $18 million of other costs, including professional services, and employee-related costs associated with its Cost Smart cost of sales program, including the closure of the Lane Cove, Australia facility, and $3 million of other costs related to the Latin America finance transformation initiative.                          (iii) The three and nine months ended September 30, 2020 includes the flow-through of costs associated with the purchase of PureCircle Limited inventory that was adjusted to fair value at the acquisition date in accordance with business combination accounting rules.                  (iv) During the three and nine months ended September 30, 2020, the Company incurred $5 million of costs directly related to the early debt extinguishment of the $400 million 4.625% senior notes due November 1, 2020. The Company recorded the debt extinguishment charges within Financing costs, net on the Condensed Consolidated Statements of Income.                  (v) During the three and nine months ended September 30, 2020, the Company incurred storm damage to the Cedar Rapids, IA manufacturing facility. The facility was shut down for 10 days, and the storm related damage resulted in $2 million of charges during the three months ended September 30, 2020. The Company recorded the storm damage costs within Other expense (income), net on the Condensed Consolidated Statements of Income.                    (vi) The tax item represents the impact of the Company’s use of the U.S. dollar as the functional currency for its subsidiaries in Mexico. Mexico’s effective tax rate is strongly influenced by the remeasurement of the Mexican peso financial statements into U.S. dollars. The company recorded a tax benefit of $6 million and a tax provision of $16 million three and nine months ended September 30, 2020, respectively, as a result of the movement of the Mexican peso against the U.S. dollar during the periods. During the three and nine months ended September 30, 2019, the company recorded a tax provision of $3 million and $2 million, respectively, as a result of the movement of the Mexican peso against the U.S. dollar during the periods.                (vii) This relates to other tax settlements, tax adjustments for an intercompany reorganization, and tax results of the above non-GAAP addbacks.                                                  II. Non-GAAP Information (continued)                                         Ingredion Incorporated ("Ingredion")  Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income  (Unaudited)                               Three Months Ended Nine Months Ended         September 30, September 30,        (in millions, pre-tax) 2020  2019   2020 2019                      Operating income$153 $165  $419$494                      Add back:                           Acquisition/integration costs (i) 5  -   8 2                      Restructuring/impairment charges (ii) 16  28   41 41                      Charge for fair value markup of acquired inventory (iii) 3  -   3 0                      North America storm damage (v) 2  -   2 -                      Non-GAAP adjusted operating income$179 $193  $473$537                                    For each tickmark above, see footnotes included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.     II. Non-GAAP Information (continued)                                            Ingredion Incorporated ("Ingredion")  Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate  (Unaudited)                                                 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020    Income before Provision for Effective Income Income before Provision for Effective Income  (in millions) Income Taxes (a)Income Taxes (b)Tax Rate (b / a) Income Taxes (a)Income Taxes (b)Tax Rate (b / a)                 As Reported $133 $40  30.1% $363 $125  34.4%                 Add back:                             Acquisition/integration costs (i)  5  1     8  2                    Restructuring/impairment charges (ii)  16  1     41  7                    Charge for fair value markup of acquired inventory (iii)  3  -     3  -                    Charge for early extinguishment of debt (iv)  5  1     5  1                    North America storm damage (v)  2  -     2  -                    Tax item - Mexico (vi)  -  6     -  (16)                   Other tax matters (vii)  -  (6)    -  (6)                   Adjusted Non-GAAP $164 $43  26.2% $422 $113  26.8%                                                 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019    Income before Provision for Effective Income Income before Provision for Effective Income  (in millions) Income Taxes (a)Income Taxes (b)Tax Rate (b / a) Income Taxes (a)Income Taxes (b)Tax Rate (b / a)                 As Reported $140 $38  27.1% $431 $120  27.8%                 Add back:                             Acquisition/integration costs (i)  -  -     2  1                    Restructuring/impairment charges (ii)  28  6     41  9                    Tax item - Mexico (vi)  -  (3)    -  (2)                   Other tax matters (vii)  -  (2)    -  (2)                   Adjusted Non-GAAP $168 $39  23.2% $474 $126  26.6%                                For each tickmark above, see footnotes included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.     II. Non-GAAP Information (continued)                          Ingredion Incorporated ("Ingredion") Reconciliation of Reported U.S. GAAP Effective Tax Rate ("GAAP ETR") to Anticipated Adjusted Effective Tax Rate ("Adjusted ETR") (Unaudited)                     Anticipated Effective Tax Rate Range      for Full Year 2020      Low End High End    GAAP ETR 32.0% 36.0%             Add:                 Acquisition/integration costs (i) 0.4% 0.4%             Restructuring/impairment charges (ii) 1.5% 1.6%             Charge for fair value markup of acquired inventory (iii) 0.0% 0.0%             Charge for early extinguishment of debt (iv) 0.2% 0.2%             North America storm damage (v) 0.1% 0.2%             Tax item - Mexico (vi) -2.3% -5.0%             Other tax matters (vii) -1.0% -1.0%             Impact of adjustment on Effective Tax Rate (viii) -3.9% -4.4%             Adjusted ETR 27.0%  28.0%                               Above is a reconciliation of our anticipated full year 2020 GAAP ETR to our anticipated full year 2020 adjusted ETR. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, acquisition and integration costs, impairment and restructuring costs, and certain other special items. We generally exclude these items from our adjusted ETR guidance. For these reasons, we are more confident in our ability to predict adjusted ETR than we are in our ability to predict GAAP ETR.          For items (i) through (vii), see footnotes included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.   (viii) Indirect impact of tax rate after items (i) through (vii).