Corn Products International Inc., the fourth-largest maker of high-fructose corn syrup in North America, said it will change its name to Ingredion to better reflect the company’s range of food ingredients.
The change is subject to shareholder approval at the company’s annual meeting in May, Westchester, Illinois-based Corn Products said in a statement today.
The 2010 acquisition of National Starch for $1.3 billion gave the corn processor more ingredients that add flavor and texture to foods, reduced its reliance on the soft-drink industry and helped it expand in Europe and Asia. Corn Products makes dextrose used in low-calorie sweeteners and potato starches for baked goods and salad dressings.
Corn Products is now more comparable to food manufacturers such as Kraft Foods Inc. and shouldn’t be seen as a proxy for investing in the corn market because it doesn’t trade or transport the commodity, Aaron Hoffman, vice president for investor relations at the company, said in an interview.
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