Ingredion, formerly known as Corn Products International, has agreed to buy Colorado-based specialty ingredient maker Penford Corp. for $340 million. The purchase price of $19 per share represents a 72% premium to Penford's share price at closing on Tuesday, October 14 th. Ingredion currently has a notable specialty ingredient business and states that the acquisition of Penford, which makes ingredients for food and industrial production will increase the company's ability to produce new and higher-value added products. The deal is also expected to give Ingredion $20 million per year in cost savings through greater efficiencies in procurement, manufacturing, and administration.