Press Releases & AdsPenford Corporation Acquires Gum Technology Corporation
(CENTENNIAL, CO , March 25, 2014) Penford Corporation (NASDAQ: PENX) a leader in ingredient systems for food and industrial products, announced that it has completed the acquisition of Gum Technology Corporation, a gum and hydrocolloids blending, services and distribution company serving primarily the food and allied industries.
"Gum Technology's product line, culture, and approach to the market are aligned with Penford's and with our efforts to build our specialty ingredients businesses. Both teams are enthusiastic about opportunities to create value for customers through technology, product innovation and technical service," said Tom Malkoski, Penford Corporation CEO. "With our expanded product line, we can offer customers a choice of innovative new products and a broad range of applications."
As a business unit of Penford Food Ingredients, Gum Technology will continue to offer a range of gums and other hydrocolloids throughout North America and Asia. 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. They will be marketed under the current brand names, which have strong name recognition and an outstanding reputation throughout the industry.
Penford Corporation's non-GMO portfolio is the foundation for new specialty ingredient systems using Gum Technology's Coyote Brand gums and GumPlete stabilizer systems. Penford's product portfolio includes clean label and modified starches from potato, corn, rice and tapioca, PenFibe dietary fibers and PenDure vegetable-based proteins.
Penford also plans to explore new opportunities to expand its industrial bio-products business through innovative starch-gum composite products.
Penford Corporation develops, manufactures and markets specialty ingredient systems for a variety of food and industrial products. Penford operates six manufacturing facilities and two Research & Development centers in the United States.
(March 5, 2014-Tucson, Arizona) 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.
We are pleased to join Penford and anticipate exciting opportunities to combine our companies expertise in product lines and broad geographic reach. With Penfords resources and product knowledge, we can immediately begin advancing Gum Technology's GumPlete line of gum-starch blends, said Allen Freed, CEO of Gum Technology.
Tom Malkoski, Penford Corporation CEO said, "Gum Technology's product line and reputation for outstanding customer service will broaden Penford's portfolio of functional and specialty ingredient systems for existing customers and open new segments to the company. We see opportunities in both food and industrial bio-products for high value, specialized products from the combination of our product lines and customer relationships.
Gum Technology will continue to offer a diverse product range of gums and synergistic stabilizer blends branded under the Coyote Brand name in order to provide the most effective hydrocolloid system for specific problem solving needs.
Gum Technology's headquarters is located in Tucson, Arizona, with warehouses in Chino, CA., Newark and Paterson, NJ., and in Hammond and Mooresville, IN.
Gums & Starches Working Together at the RCA Culinology Expo
(March 13, 2014-Portland, Oregon) Keep it Together with gums and starches at the RCA expo and visit with Gum Technology at booth # 601P. Gum Technology's complete Coyote Brand GumPlete stabilizing systems reduce overall hydrocolloid usage levels, help maintain system integrity, and create a cleaner flavor release with great mouthfeel. The new systems work synergistically to create specific functionalities and textures, while also providing cost effective problem solving solutions. Gum Technology is proud to be a Gold Annual Sponsor of the RCA.
Featured Applications with Gums & Starches
- Belgian Waffle-Egg White Replacement: Effectively replace egg whites, promote aeration and improve consistency and stability throughout processing in belgian waffles. Click here for a PDF of the recipe that utilizes Coyote Brand GumPlete SHX-DM-271 (a synergistic blend of food starch-modified, hydroxypropyl methylcellulose and xanthan gum).
- Vegan Meringue: Fully replace egg whites, promote aeration, improve consistency and stability throughout processing in vegan meringues. Click here for a PDF recipe that utilizes Coyote Brand GumPlete SH-ER-276 (a synergistic blend of food starch-modified and hydroxypropyl methylcellulose).
- Eggless Vanilla Mousse: Effectively replace egg whites, promote aeration, improve consistency and set and provide emulsification. Click here for a PDF of the recipe that utilizes Coyote Brand GumPlete SHX-DM-271 (a synergistic blend of food starch-modified, hydroxypropyl methylcellulose and xanthan gum).
- Eggless Raspberry-Vanilla Mousse: Effectively replace egg whites, promote aeration, improve consistency and set and provide emulsification. Click here for a PDF of the recipe that utilizes Coyote Brand GumPlete SHX-DM-271 (a synergistic blend of food starch-modified, hydroxypropyl methylcellulose and xanthan gum).
Gum Technology Corporation Hydrocolloids RCA Culinology Scholarship
(Tucson, Arizona) Funded by Gum Technology Corporation, the Research Chefs Foundation-Gum Technology Hydrocolloids Culinology Scholarship will provide financial assistance in the form of a $4,000 scholarship for qualified individuals who exhibit a demonstrated interest in the application of gums, starches, and gum-starch blends in developing food products. Culinology is the blending of culinary arts and the science of food.
This scholarship is provided by Allen Freed, who founded Gum Technology in 1981. Freed created Gum Technology after he repeatedly saw the need for stabilization in products that he was working on as a food consultant. By giving back to the Research Chefs Foundation, companies like Gum Technology have the opportunity to positively impact the future for Culinology professionals and product development. Freed says, "We believe in the Research Chefs Association (RCA) and its mission, and we are looking towards a future where there is increased participation and contributions from research chefs to the food industry. We at Gum Technology have felt rewarded from our participation in the RCA and want to give something back. We also feel that the freshest ideas will come from our youth and people without preconceived notions about how hydrocolloids work. Chefs and students seem to come up with the most radical, new ideas, and we want to help encourage that behavior."
Applications are due February 21, 2014. To learn more about the scholarship, please visit the RCA's website at http://www.culinology.com/scholarship-opportunities.
Gum Technology Announces Executive Promotions and New CFO
(December 13, 2013- Tucson, Arizona) On December 13, at our annual Holiday Event, it was announced that the position of the President of the Gum Technology Corporation will now be occupied by Joshua Brooks. Josh's duties as President begin immediately.
Also announced at that event was that Ms. Aida Prenzno was promoted to the position of Vice President of Technology, which places her in charge of all R&D and QC.
We also welcomed our new Chief Financial Officer, Patricia "Tish" O'Callaghan.
"I personally cannot think of any three people more qualified for their positions than Josh, Aida and Tish," said Allen Freed, CEO of Gum Technology. "We're very excited about the future and we see 2014 as having the potential to be a breakthrough year for Gum Technology, especially under their guidance and leadership."
Gum Technology Ads
You may recognize the ads below that have appeared in many food industry publications across the years.