Ingredion Inc
For the period ended Dec 31, 2024. Filed Jan 6, 2025.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Dec 31, 2024 · Filed Jan 6, 2025
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| Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: |
|---|---|---|
| Common Stock, par value $0.01 per share | INGR | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 2.05 Costs Associated with Exit or Disposal Activities.
On December 31, 2024, Ingredion Incorporated (the “Company”) committed to a plan to cease operations at its plant protein concentrates and flour manufacturing facility in Vanscoy, Saskatchewan, Canada (the “Vanscoy manufacturing facility”) as of January 6, 2025. The decision to cease operations of the Vanscoy manufacturing facility was made after a strategic review of this business. Approximately twenty employees work at the facility. The Company expects to sell the manufacturing facility and the underlying real property but has not entered into a contract of sale as of the date of this report.
The Company expects to incur pre-tax non-recurring charges of approximately $66 million under the plan, of which approximately $65 million is expected to be impairment charges relating to fixed asset and inventory write-downs and approximately $1 million is expected to be cash expenditures, including employee-related costs, severance and other termination-related costs. The Company expects to incur the majority of these charges in the fourth quarter of 2024 and the remaining charges in subsequent fiscal periods through the fourth quarter of fiscal 2025.
The foregoing estimates of the charges the Company expects to incur under the plan are subject to assumptions, and actual charges may differ from such estimates.
Item 2.06 Material Impairments.
The information set forth in Item 2.05 is incorporated by reference in this Item 2.06.
In connection with the cessation of operations at the Vanscoy manufacturing facility, the Company expects to incur approximately $65 million in pre-tax, non-cash asset impairment charges in the fourth quarter of 2024.
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