Penford Corporation (PENX)

Penford Corporation, together with its subsidiaries, develops, manufactures, and markets specialty natural-based ingredient systems for food and industrial applications primarily in the United States. It develops and manufactures ingredients with starch as a base, primarily from corn and potatoes, which are used primarily as binders and coatings in paper, packaging, and food production, as well as an ingredient in fuel. The company operates in two segments, Industrial Ingredients and Food Ingredients. The Industrial Ingredients segment provides chemically modified specialty starches to the paper and packaging industries in ethylated, oxidized, and cationic forms. Its ethylated and oxidized starches are used in coatings and as binders, providing printability to fine white, magazine, and catalog paper; and cationic and other liquid starches are used in the paper-forming process in paper production, providing the bonding of paper fibers and other ingredients. This segment also produces and sells fuel grade ethanol; and by-products from its corn wet milling operations, including corn gluten feed and corn gluten meal to various market participants for use in animal feed. The Food Ingredients segment offers specialty starches, dextrins, and gums to the food manufacturing and food service industries. Its specialty starches are used in coatings for products, such as French fries sold in restaurants; to reduce fat levels, increase fiber content, modify texture, and improve color and consistency in various foods, such as canned products, sauces, whole and processed meats, dry powdered mixes, and bakery products; and as moisture binders and in companion pet products comprising dog treats and chews. The company was founded in 1894 and is headquartered in Centennial, Colorado. As of March 11, 2015, Penford Corporation operates as a subsidiary of Ingredion Incorporated.