Penford To Acquire Gum Technology - Quick Facts

(RTTNews) - Penford Corp. (PENX) announced Wednesday that it agreed to acquire Gum Technology, a privately held gum and hydrocolloids distribution, blending and services company. Gum Technology, based in Tucson, Arizona, serves primarily the food and beverage industries. It posted 2013 revenues of about $12 million.

The acquisition is expected to close in late March, subject to certain conditions. It is expected to be accretive within the first year with significant growth occurring in subsequent years.

Gum Technology markets a range of gums and other hydrocolloids throughout North America and Asia. The company specializes in developing and producing customized stabilizers to meet customers' product formulation needs. Gum Technology's products are found in a wide variety of food products including beverages, sauces, bakery, frozen foods, jams and fruit fillings, spice blends, dairy applications, and nutraceuticals.