INGREDION INCORPORATED (NYSE:INGR) Files An 8-K Results of Operations and Financial ConditionItem 2.02 Results of Operations and Financial Condition.
On July12, 2018, Ingredion Incorporated (the “Company”) issued a press release announcing its expectation that its earnings per share for the quarter ended June30, 2018 were $1.51 to $1.59 (the “Press Release”). A copy of the Company’s Press Release is being furnished as Exhibit 99 and hereby incorporated by reference.
The information contained in Item 2.02 of this report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
| Item 2.02 | Costs Associated with Exit or Disposal Activities. |
On July11, 2018, the Board of Directors authorized the cessation of wet-milling at the Stockton, CA plant and the establishment of a shipping distribution station at that facility by the end of 2018, as part of its Cost Smart program described in the Press Release. We expect the cessation of wet-milling at the Stockton plant to result in up to $53million of pre-tax restructuring-related charges in 2018. We expect fixed asset accelerated depreciation of $38million and mechanical stores write-downs of up to $8million to be incurred in the third and fourth quarters of 2018 as the manufacturing operations are wound down. Additionally, estimated pre-tax, employee-related severance and other restructuring costs associated with the closure are estimated to be $7million, including employee-related severance of $3million and other closing costs of $4million. The employee-related severance and other restructuring costs represent cash expenditures.
Item 2.02 Material Impairments.
See Item 2.02 above.
Item 2.02 Financial Statements and Exhibits.
(d) Exhibits.
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ExhibitNo. |
Exhibit |
| 99.1 | Press release dated July12, 2018. |
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Ingredion Inc ExhibitEX-99.1 2 d463731dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Ingredion Incorporated 5 Westbrook Corporate Center Westchester,…To view the full exhibit click here
About INGREDION INCORPORATED (NYSE:INGR)
Ingredion Incorporated (Ingredion) is a global ingredients solutions provider. The Company is engaged in the production and sale of starches and sweeteners for a range of industries. Its operations are classified into four segments: North America, South America, Asia Pacific, and Europe, Middle East and Africa (EMEA). The Company’s North America segment includes businesses in the United States, Canada and Mexico. The South America segment includes businesses in Brazil, Colombia, Ecuador and the Southern Cone of South America, which includes Argentina, Chile, Peru and Uruguay. Ingredion’s Asia Pacific segment includes businesses in South Korea, Thailand, Malaysia, China, Japan, Indonesia, the Philippines, Singapore, India, Australia and New Zealand. Its EMEA segment includes businesses in the United Kingdom, Germany, South Africa, Pakistan and Kenya. The Company’s product line includes starches and sweeteners, animal feed products and edible corn oil.