Ingredion Inc (INGR): restructuring charge — Ingredion to cease operations at Vanscoy plant protein facility; expects ~$66M pre-tax charges

Ingredion Inc

Ceasing operations at Vanscoy, Saskatchewan plant protein concentrates and flour facility effective Jan 6, 2025, after strategic review.
Expects $65M pre-tax non-cash impairment charges (fixed assets & inventory) and ~$1M cash costs for employee severance and termination.
Majority of charges in Q4 2024; remainder through Q4 2025. Facility to be sold, no contract yet.
Approximately 20 employees affected.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.97

Ingredion Inc announced a restructuring with charges of approximately $66 million affecting plant protein concentrates and flour manufacturing facility in Vanscoy, Saskatchewan, Canada (Approximately twenty employees).

Type: restructuring
Charge: approximately $66 million
Affected area: plant protein concentrates and flour manufacturing facility in Vanscoy, Saskatchewan, Canada
Headcount: Approximately twenty employees

Exact text from the filing

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

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Source: SEC EDGAR

accession 0001046257-25-000003

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