Layoffs Expected as Ingredion Plans to Stop Ethanol Production
Ingredion has announced Wednesday they will stop producing ethanol at the Cedar Rapids' riverfront manufacturing facility by the end of January. The move will result in the layoffs of more than 30 people from the downtown Cedar Rapids facility.
According to KCRG, those layoffs are expected to become effective February 4. Ingredion said the changes and layoffs are necessary due to changing conditions in the ethanol market.
Ingredion's local operations are located at 1 Street SW on the banks of the Cedar River. The food processing company is one of the nation's oldest businesses, over 115 years old, beginning operations in 1906 as the Corn Products Refining Company.
The company's headquarters is based in Winchester, Illinois with total assets worth $5.73 billion according to Wikipedia. They have facilities in multiple markets worldwide.
Ingredion purchases corn, potatoes and other vegetables and fruits and then processes them into industrial starches, corn syrups, emulsifiers, and other food ingredient items.
On December 9, the Illinois plant released news of a new product launch called HOMECRAFT® Quinoa 112 flour; a plant-based protein product made from the ancient grain, quinoa seed which is gluten-free, low-glycemic, and is recognized for its nutrients, fiber and protein.
Ingredion has long been considered a tremendous industrial leader and civic partner in Cedar Rapids. It has also been named one of Fortune Magazine's "Most Admired Companies" and in 2014 was named the "World's Most Ethical Company" by the Ethisphere Institute.