World Food Processing’s new soy stake, acquired from Poet Energy, will be renamed World Food Ingredients and operate as a wholly-owned subsidiary and work towards its goal of, “providing a complete line of identity preserved food grade ingredients to the global market.”
President of World Food Processing, Jerry Lorenzen, said the deal would deliver vertical integration benefits to World Food Processing, which is part of the World Food Group of Companies.
It would also assist it in delivering on its international targets.
“The combination of proprietary technologies, formulations, and recipes obtained through this acquisition will enhance the World Food Group of Companies in its ability to provide our global clients with a full line of soy-related ingredients which will now span everything from raw whole soybeans to grit and fine mesh powders, which are recognized as the best in the world,” he said in a statement.
“This acquisition goes a long way in securing that there will be a high grade consistent supply of non GMO food grade ingredients well into the future".
The fact Soylink is able to deliver organic and customized solutions was another factor in the purchase.
"I felt the acquisition of these Assets were integral for our business model and the objectives that we have set for World Food Processing,” Lorenzo added.
Poet Energy, a renewable energy specialist, remains a partner in the newly formed subsidiary.
“To have Poet, the leading renewable energy company in the United States, maintain their commitment to seek out solutions for both sectors sets them apart from their competitors," Lorenzo said.
World Food Processing is a non-GMO soybean genetic research and development company.