Ingredion's Acquisition of Tate & Lyle Should Accelerate Specialty Ingredients Growth

Ingredion manufactures starches and sweeteners by wet milling and processing corn and other starch-based raw materials. It steeps these raw materials in a water-based solution, then separates the ingredients from coproducts (animal feed and corn oil). Starches are the largest category, generating around 50% of revenue, followed by sweeteners at roughly 35%. The remaining 15% of revenue comes from plant-based proteins and coproducts. The starches and sweeteners are then processed into ingredients primarily used in food and beverages.