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    Ingredion Inc (INGR)

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    Business Description

    Ingredion Incorporated is a global ingredient solutions provider that transforms grains, fruits, vegetables, and other plant-based materials into value-added ingredients and biomaterials. The company serves diverse industries, including food, beverage, animal nutrition, brewing, pharmaceutical, and industrial markets. Ingredion's product portfolio includes starches, sweeteners, co-products, and specialty ingredients designed to meet customer demands for healthful, sustainable, and innovative solutions.

    1. Starch Products - Produces food-grade and industrial starches, modified and specialty starches, biomaterials, and starch-based pharmaceutical excipients.
    2. Sweetener Products - Offers glucose syrups, high maltose syrups, high fructose corn syrup, dextrose, polyols, maltodextrins, and syrup solids.
    3. Co-products and Others - Includes animal feed products, edible corn oil, stevia sweeteners, caramel color, protein fortification ingredients, gum acacia, pea protein, and fruit and vegetable concentrates.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    James P. ZalliePresident and Chief Executive OfficerJanuary 1, 2018James P. Zallie has been the President and CEO since January 1, 2018. He previously held various executive roles within the company and was CEO of National Starch LLC before its acquisition by Ingredion.
    Valdirene EvansSenior Vice President and President, Global Texture SolutionsJanuary 2024Valdirene Evans is the Senior Vice President and President, Global Texture Solutions as of January 2024. She previously served in leadership roles in Asia-Pacific and Global Head of Pharma, Home and Beauty.
    Larry FernandesSenior Vice President and Chief Commercial and Sustainability OfficerJuly 17, 2018Larry Fernandes has been in his current role since July 17, 2018. He joined Ingredion in May 1990 and has held various roles, including Senior Vice President and Chief Commercial Officer.
    Davida M. GableVice President, Corporate ControllerOctober 2021Davida M. Gable has been Vice President, Corporate Controller since October 2021. She previously worked at Wayfair Inc. and AK Steel Holdings Corporation.
    James D. GrayExecutive Vice President and Chief Financial OfficerMarch 2017James D. Gray has served as Executive Vice President and CFO since March 2017.
    Tanya Jaeger de ForasSenior Vice President, Chief Legal Officer, Corporate Secretary, and Chief Compliance OfficerNovember 2021Tanya Jaeger de Foras has been in her current role since November 2021. She was previously Deputy General Counsel and Chief Compliance Officer at Whirlpool Corporation.
    Michael O'RiordanSenior Vice President, Texture & Healthful Solutions, EMEA and Asia-PacificJanuary 2024Michael O'Riordan has been serving in his current role since January 2024. He previously held roles such as Regional President, EMEA, and Global Vice President, Marketing and Springboards.
    Rob RitchieSenior Vice President, Food & Industrial Ingredients, LATAM and U.S./CanadaJanuary 2024Rob Ritchie has been in his current role since January 2024. He previously held roles including Senior Vice President, Food & Industrial Ingredients, Americas, and Regional President, Mexico, U.S./Canada Sweetener Solutions.
    Eric SeipSenior Vice President, Global Operations and Chief Supply Chain OfficerJanuary 2021Eric Seip has served as Senior Vice President, Global Operations and Chief Supply Chain Officer since January 2021. He was previously Senior Vice President, Global Supply Chain at ChampionX Holding Inc..
    Nancy WolfeSenior Vice President and Chief Human Resources OfficerJanuary 2022Nancy Wolfe has been Senior Vice President and Chief Human Resources Officer since January 2022. She previously worked at Bayer Crop Science in various HR leadership roles.
    Jeremy XuSenior Vice President, Chief Innovation Officer and President, Global Healthful SolutionsOctober 2020Jeremy Xu has been serving in his current role since October 2020. He was previously President of Human Nutrition and Health at Royal DSM. He announced his resignation effective April 8, 2024.

    Questions to Ask Management

    1. The protein fortification business remains loss-making despite anticipated improvements; can you provide specific details on your turnaround plan over the next 1 to 3 years and the key milestones you expect to achieve to reach profitability?
    2. In the Texture and Healthful Solutions segment, while volume growth is strong, there's a notable decline in price/mix; are you lowering prices to drive volume, and how sustainable is this strategy for your margins in the long term?
    3. With 2025 sweetener contracting moving slower and corn prices fluctuating, how confident are you in maintaining or improving pricing, and what risks do you foresee that could impact your margins in this area?
    4. You've attributed earnings improvement to structural changes from your global operating model; can you quantify the savings realized so far and elaborate on how much additional improvement you expect in the coming years?
    5. Given your strong cash flow and balance sheet, are you considering larger, transformative acquisitions to accelerate growth in Texture and Healthful Solutions, and how do you reconcile this with your commitment to return cash to shareholders?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateSeptember 26, 2022
    End Date/DurationDecember 31, 2025
    Total Additional AmountUp to 6.0 million shares
    Remaining Authorization4.2 million shares (as of September 30, 2024)
    DetailsIntended to offset the dilutive impact of shares issued under the stock incentive plan over time