Ingredion Incorporated has completed the sale of a 51% equity interest in its Pakistan-based subsidiary, Rafhan Maize, to a group of affiliated purchasers led by Nishat Hotels and Properties Ltd for approximately $165 million. The transaction, announced on September 29, 2025, allows Ingredion to retain an approximate 20% ownership stake in the business. This strategic move is designed to reduce earnings volatility and unlock investment capital to support higher-growth areas within the company's portfolio.

Nishat Hotels and Properties Ltd, a leading operator in Lahore with a diversified business portfolio including agriculture, textiles, banking, and hospitality, now holds the majority stake. Rafhan Maize is a well-established local manufacturer of food and industrial ingredients. For the full-year 2025, Ingredion's business in Pakistan generated net sales of approximately $250 million (unaudited).

Jim Zallie, Ingredion's chairman, president and CEO, stated that the transaction continues the transformation of the company's portfolio. He emphasized that retaining a minority stake ensures continued access to the Middle East and South Asia markets, which are viewed as long-term growth platforms. The deal aligns with Ingredion's strategy to optimize its asset base and focus on core high-growth businesses.

Transaction Details

Ingredion Incorporated, headquartered in the suburbs of Chicago, is a global provider of ingredient solutions serving customers in over 120 countries. The company reported 2025 annual net sales of approximately $7.2 billion. With innovation centers worldwide and over 11,000 employees, Ingredion co-creates with customers to deliver value-added ingredient solutions for various industries, including food, beverage, and animal nutrition.

Ingredion Incorporated has appointed Kenneth Escoe to its board of directors, effective July 1. The decision aims to bolster the board's expertise in leading capital-intensive businesses and transforming global operations. Escoe brings extensive experience from his tenure at Illinois Tool Works Inc. (ITW), where he has held leadership roles since 2014.

Executive Background

Escoe currently serves as the executive vice president of Specialty Products at ITW, a Fortune 500 global industrial manufacturer. He has held this position since 2020. His career at ITW includes leading various commercial and operational functions, with a focus on food and beverage packaging. His work emphasized improving profitability, strengthening execution, and building organizational capability.

Strategic Fit

Jim Zallie, chairman, president and CEO of Ingredion, highlighted Escoe's track record of success in commodity and specialty businesses. Zallie stated that Escoe's experience will be a tremendous asset as the company navigates its long-term growth strategy. Victoria Reich, lead director of the Ingredion board, noted that Escoe's multifunctional experience in operations, commercial, strategy, and M&A will strengthen the board's decision-making.

Previous Experience

Before joining ITW, Escoe co-founded Energy Growth Partners in 2011 and served as managing partner through 2014. Prior to that, he was the vice president of business development at Apex Tool Group, a $1.4 billion joint venture of Danaher Corporation and Cooper Industries. At Apex Tool Group, he led a global M&A program that transformed a $600 million private-label tools manufacturer into a $1.2 billion diversified branded tool properties company. He also spent over six years at Danaher Corporation in commercial and marketing leadership roles.

Education and Affiliations

Escoe holds a Bachelor of Science in Mechanical Engineering from North Carolina Agricultural and Technical State University, a Master of Science in Mechanical Engineering from the Georgia Institute of Technology, and an MBA from Harvard Business School. He serves on the Board of Directors of United Way of Metropolitan Chicago and the advisory board of the George W. Woodruff School of Mechanical Engineering at the Georgia Institute of Technology. Savoy magazine recognized him as one of the Most Influential Black Executives in Corporate America in 2018 and 2022.