INGREDION BOARD AUTHORIZES NEW 5 MILLION SHARE REPURCHASE PROGRAM and DECLARES QUARTERLY DIVIDEND of $0.42 per SHARE
(Thomson Reuters ONE) -
WESTCHESTER, Ill., December 12, 2014 - The board of directors of Ingredion
Incorporated (NYSE: INGR) today authorized a new stock repurchase program
permitting purchases of up to five million of Ingredion's outstanding common
shares from January 1, 2015 to December 31, 2019.
The Company expects its previous program authorizing purchases of up to four
million common shares to be substantially completed during the fourth quarter of
this year. As previously disclosed, 3.2 million of the anticipated 3.9 million
shares to be repurchased under an accelerated stock repurchase agreement were
purchased on August 1, 2014.
The board also declared a quarterly dividend of $0.42 per share on the Company's
common stock. The dividend is payable on January 26, 2015, to stockholders of
record at the close of business on December 31, 2014.
"Our operations have generated excellent cash flow and we are committed to using
it to enhance shareholder value. In addition to paying dividends and
repurchasing stock, we will continue to invest in our organic growth and pursue
value-enhancing acquisitions," said Ingredion Chairman and CEO Ilene Gordon.
"Plus, we take pride in our investment-grade status, which we intend to
maintain," she added.
Repurchases under the stock repurchase program may be made by the Company from
time to time in the open market, in privately negotiated transactions or
otherwise, at prices that the Company deems appropriate. The stock repurchase
program does not obligate Ingredion to repurchase any shares under the
authorization, and the program may be suspended, discontinued or modified at any
time, for any reason and without notice.
ABOUT THE COMPANY
Ingredion Incorporated (NYSE: INGR) is a leading global ingredients solutions
provider specializing in nature-based sweeteners, starches and nutrition
ingredients. With customers in more than 100 countries, Ingredion serves
approximately 60 diverse sectors in food, beverage, brewing, pharmaceuticals and
other industries. For more information, visit ingredion.com.
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 other things, any statements regarding
the Company's prospects or future financial condition, earnings, revenues, tax
rates, capital expenditures, expenses or other financial items, any statements
concerning the Company's prospects or future operations, including management's
plans or strategies and objectives therefor 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," "believe," "plan," "project,"
"estimate," "expect," "intend," "continue," "pro forma," "forecast," "outlook"
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 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, stockholders 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 these statements, based on various factors, including
the effects of global economic conditions, including, particularly, continuation
or worsening of the current economic, currency and political conditions in South
America and economic conditions in Europe, and their impact on our sales volumes
and pricing of our products, our ability to collect our receivables from
customers and our ability to raise funds at reasonable rates; fluctuations in
worldwide markets for corn and other commodities, and the associated risks of
hedging against such fluctuations; fluctuations in the markets and prices for
our co-products, particularly corn oil; fluctuations in aggregate industry
supply and market demand; the behavior of financial markets, including foreign
currency fluctuations and fluctuations in interest and exchange rates; continued
volatility and turmoil in the capital markets; the commercial and consumer
credit environment; general political, economic, business, market and weather
conditions in the various geographic regions and countries in which we buy our
raw materials or manufacture or sell our products; future financial performance
of major industries which we serve, including, without limitation, the food and
beverage, pharmaceuticals, paper, corrugated, textile and brewing industries;
energy costs and availability, freight and shipping costs, and changes in
regulatory controls regarding quotas, tariffs, duties, taxes and income tax
rates; operating difficulties; availability of raw materials, including tapioca
and the specific varieties of corn upon which our products are based; energy
issues in Pakistan; boiler reliability; our ability to effectively integrate and
operate acquired businesses; our ability to achieve budgets and to realize
expected synergies; our ability to complete planned maintenance and investment
projects successfully and on budget; labor disputes; genetic and biotechnology
issues; changing consumption preferences including those relating to high
fructose corn syrup; increased competitive and/or customer pressure in the corn-
refining industry; and the outbreak or continuation of serious communicable
disease or hostilities including acts of terrorism. Factors relating to the
pending acquisition of Penford Corporation that could cause actual results and
developments to differ from expectations include: required regulatory approvals
may not be obtained in a timely manner, if at all; the pending acquisition may
not be consummated in a timely manner or at all; the anticipated benefits of the
pending acquisition, including synergies, may not be realized; and the
integration of Penford's operations with those of Ingredion may be materially
delayed or may be more costly or difficult than expected.
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, 2013 and subsequent reports on Forms 10-Q
and 8-K.
###
CONTACT:
Investors: Heather Kos, 708-551-2592
Media: Claire Regan, 708-551-2602
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ingredion Incorporated via GlobeNewswire
[HUG#1879667]
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