WESTCHESTER, Ill. (AP) — Food ingredient maker Corn Products International Inc. plans to change its name to Ingredion as part of a strategy to present itself as a maker of several ingredients for the food, beverage and brewing industries.
The company said Tuesday that the name change must be approved by shareholders at the company's annual meeting on May 15.
As the current name would suggest, Corn Products make a number of food ingredients from processed corn, like starches and sweeteners. But the company also makes ingredients from tapioca roots, like starches that add texture to dairy products, said spokesman Aaron Hoffman.
CEO Ilene Gordon said changing the company's name does not reflect a shift in business strategy, but it would better represent the company's pallet of products.
If the company's name changes, it probably will change its stock symbol, now "CPO," but that won't be finalized unless shareholders approve the name change, Hoffman said.
Shares of Corn Products fell 14 cents to $57.22 in midday trading as the markets slipped.