The transaction was announced Nov. 13, 2023. For the full-year 2023, Ingredion's business in South Korea delivered net sales of $325 million (unaudited), it says. "The sale of our business in South Korea is an important step for Ingredion as we reshape our portfolio to unlock value and redeploy assets to create value for shareholders," said Jim Zallie, Ingredion's president and CEO, in a statement. "This action is part of our business transformation journey that further strengthens our focus on growth and supports our long-term strategic vision." The company will work closely with the Sajo Group to ensure a smooth transition for all stakeholders, it states.