Penford Buying Carolina Starches

November 11/North Charleston, S.C./M2 Equitybites -- Natural-based ingredients systems company Penford Corporation revealed the execution of an agreement to acquire interests and certain assets of Carolina Starches for an undisclosed value.

Currently, Carolina Starches' interests and certain assets are operated by Carolina Starches LLC and Keystone Starches LLC.

Carolina Starches reportedly produces and sells modified starches and starch blends domestically and in several export markets. The business generates about $25 million in annual revenue. It sources domestic potato and corn starches, European potato starch and Asian tapioca starch for processing at its facilities in North Charleston, S.C., and Berwick, Pa.

Subject to certain conditions, the closing is anticipated in December.

From the November 11, 2011, Prepared Foods' Daily News.

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