Penford Corporation (Penford) is a developer, manufacturer and marketer of specialty natural-based ingredient systems for food and industrial ingredient applications, including fuel grade ethanol. The Company�s manufacturing facilities in the United States provide it with geographic coverage of its target markets. The Company operates in two segments: Industrial Ingredients and Food Ingredients. Industrial Ingredients is a supplier of chemically modified specialty starches to the paper and packaging industries. Food Ingredients is a developer and manufacturer of specialty starches and dextrins to the food manufacturing and food service industries. The Company has research and development capabilities, which are used in understanding the chemistry of carbohydrate-based materials and in development applications to address customer needs. On January 11, 2012, the Company acquired Carolina Starches, LLC.