Gum Technology Corporation announcement
FOR IMMEDIATE RELEASE:
(Tucson, Arizona, March 5, 2014) Gum Technology Corporation, a leading provider of hydrocolloid stabilizing systems since 1981, and Penford Corporation (NASDAQ:PENX), announced that they have entered into an agreement whereby Penford Corporation will acquire Gum Technology.
Penford is a recognized leader in modified specialty starches for the food, pet products and paper industries. Penford also manufactures fuel-grade ethanol as well as a rapidly growing wide range of advanced industrial products offering sustainable solutions to petro-chemical ingredients.
Gum Technology is a well- known leader in problem solving for the food and allied industries and is looking forward to the increased technical capabilities it will gain as it becomes a business unit of the Penford Corporation.
By combining Gum Technology's thirty three year knowledge base of gum synergies and systems, with Penford's extensive knowledge of starch solutions, Gum Technology will be able to create an even greater catalog of gums and starches within their GumPlete™ line of stabilizers.
Full press release is available on the Gum Technology website at http://www.gumtech.com/news/index.php