PureCircle

Last updated
PureCircle Ltd
Industry Food and beverage
Founded2001
Headquarters Chicago, Illinois
Key people
John Slosar (Chairman)
Magomet Malsagov (CEO)
Products Sweeteners
Revenue $131.1 million (2018) [1]
$24.4 million (2018) [1]
$8.7 million (2018) [1]
Website http://www.purecircle.com

PureCircle is a producer and innovator in the area of stevia sweeteners for the food and beverage industry. PureCircle has offices around the world, with the headquarters in Chicago, Illinois. [2] It was listed on the London Stock Exchange until it was acquired by Ingredion in July 2020.

Contents

History

PureCircle was founded in 2001 [3] and incorporated into PureCircle Ltd. in 2007. From its inception the company has created and continues to operate a vertically integrated supply chain for high-purity stevia from crop cultivation through extraction, production and final product distribution. [4]

In December 2007, PureCircle made an initial public offering on the Alternative Investment Market (AIM) of the London Stock Exchange to raise US$50M to fund expansion. [5]

Throughout its history, the company has worked with various regulatory bodies in different countries to obtain approval for the use of stevia-based sweeteners in foods and beverages. [5] [6]

The company moved to the main market of the London Stock Exchange in 2015. [7]

In 2016, the U.S. Customs and Border Protection impounded PureCircle products that had been made using prison labour in China. [8] In August 2020, the U.S. Customs and Border Protection fined a subsidiary of PureCircle for use of prison labour in China. [9] [10]

The company was acquired by Ingredion in July 2020. [11]

Operations

PureCircle is an international producer and marketer of specialty natural ingredients based on high-purity stevia. [12] The company oversees production of stevia in Asia, Africa and the Americas and works with producers to promote the use of sustainable practices at each step of the production and distribution process. [13] PureCircle operates a vertically integrated supply chain, managing its resources from the plant through harvesting, processing and formulation. This focus enables PureCircle to integrate sustainability directly into its business model. [14]

In 2012, PureCircle announced a joint development agreement with the Coca-Cola Co. to investigate new forms of stevia and to provide stevia for future beverage products. [15]

In 2013, the company said it would be providing a new high-purity Rebaudioside sweetener (Reb M) for the production of Coca-Cola Life in the United Kingdom, United States and other countries starting in 2014. [16] [17]

PureCircle's technological advances have enabled the company to significantly boost production of high-grade stevia sweeteners – like Reb M and Reb D – which have the most sugar-like taste and are highly sought after by beverage and food companies. This was done so it can supply stevia sweeteners in amounts these companies need as they continue to expand use of stevia ingredients. [18]

In 2017 the company completed $42 million stevia plant expansion in Enstek, Malaysia, which doubled the company's capacity to extract high-quality, sustainable stevia. [19] The same year PureCircle launched its North Carolina agronomy program whichhelp farmers productively and profitably utilize acreage that once grew tobacco. This program broadens and diversifies the company's supply chain by increasing the amount of stevia grown in different areas around the globe and throughout the year. These farming partnerships have provided innovations for both PureCircle and the farmers. The work in North Carolina has yielded advances for the company's stevia agronomy program, including how to adapt growing stevia plants to different regions of the world. In addition, the mechanization of farming – and advances from this program – are particularly important in North Carolina to maintain a sustainable economic crop. [20]

The company moved its global commercial headquarters to Chicago, Illinois, in 2018. [2]

PureCircle was ranked 17th on FoodTalks' Top 50 Global Sweetener Companies list in 2021. [21]

Recognition and awards

PureCircle's achievements have been recognized by the readers of the Financial Times Investors Chronicle who in 2009 voted PureCircle as AIM International Company of the Year. [22] In 2014, PureCircle received the World Dairy Innovation Award for Best Environmental Sustainability Initiative at the 8th World Dairy Congress. [23] [24] PureCircle won the 2014 "Sustainability Commercialized" [25] Award from Ethical Corporation, a global publication dedicated to corporate social responsibility. PureCircle has also been nominated as a finalist for its sustainability effort at Food Ingredients Europe (FiE) 2013 [26] sustainability and World Beverage Innovation awards 2014. [27]

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References

  1. 1 2 3 "Annual Report 2018" (PDF). PureCircle. Retrieved 21 December 2018.
  2. 1 2 "PureCircle Annual Report 2018" (PDF). Retrieved 30 January 2018.
  3. ↑ "Purecircle Mission and Vision".
  4. ↑ PureCircle plans flotation to fund Reb-A sweetener supply. Foodnavigator, Nov. 13, 2007. Retrieved February 4, 2016.
  5. 1 2 Stevia potential bigger than we thought. Foodnavigator, October 25, 2008. Retrieved February 4, 2016
  6. ↑ Sweetener Stevia clears FSSAI hurdle. Business Standard, November 24, 2015. Retrieved February 4, 2016.
  7. ↑ "PureCircle To Move To Main Market As Profit And Revenue Rise". Morning Star. 21 September 2015. Retrieved 1 December 2017.
  8. ↑ Prentice, Chris (2016-06-01). "U.S. impounds PureCircle stevia under new forced labor law". Reuters. Retrieved 2020-08-14.
  9. ↑ Ferek, Katy Stech (2020-08-13). "Company Fined for Importing Sweetener U.S. Says Was Made With Chinese Prison Labor". Wall Street Journal. ISSN   0099-9660 . Retrieved 2020-08-14.
  10. ↑ Guilbert, Kieran (2020-08-14). "U.S. fines food company over forced labor imports from China". Reuters. Retrieved 2020-08-14.
  11. ↑ "Ingredion completes acquisition of PureCircle". IFT. 2 July 2020. Retrieved 19 February 2023.
  12. ↑ London Stock Exchange Archived 2014-08-08 at the Wayback Machine retrieved 07-03-2014.
  13. ↑ "PureCircle reduces carbon footprint intensity 15% Archived 2014-08-21 at archive.today " 05-09-2014 retrieved 07-07-2014
  14. ↑ PureCircle Celebrates Stevia’s Sustainability This Earth Day. Malaysian Tribune, April 22, 2015. Accessed August 25, 2016
  15. ↑ "PureCircle strikes stevia deal with Coca-Cola". 28 September 2012.
  16. ↑ "PureCircle and Coke get OK from FDA for Reb M stevia". 3 January 2014.
  17. ↑ "Stevia-Sweetened Coca-Cola Life To Be Launched In The U.S." Forbes . 18 June 2014.
  18. ↑ "PureCircle Has Vastly Increased Its Capacity To Supply Reb M to the Beverage and Food Industries - Leading Producer and Marketer of Pure Stevia Extract". PureCircle. July 12, 2018.
  19. ↑ "PureCircle Completes $42 Million Stevia Plant Expansion - Leading Producer and Marketer of Pure Stevia Extract". PureCircle. March 2, 2017.
  20. ↑ "PureCircle Begins Partnering With U.S. Farmers Who Have Grown Tobacco, To Now Grow Stevia - Leading Producer and Marketer of Pure Stevia Extract". PureCircle. December 5, 2017.
  21. ↑ Huang, Lemon (2021-04-12). "2021年全球甜味剂企业50强". FoodTalks (in Chinese). Retrieved 2022-01-19.
  22. ↑ FT and Investors Chronicle AIM Awards Categories for best AIM companies Archived 2009-08-03 at the Wayback Machine
  23. ↑ "PureCircle Wins Prestigious Sustainability Award During Global Dairy Congress". Purecircle. Retrieved 12 July 2015.
  24. ↑ "PureCircle wins World Dairy Innovation Award for Best Environmental Sustainability Initiative". nutraceuticalbusinessreview.com. Retrieved 12 July 2015.
  25. ↑ "Press release: The 5th Annual Responsible Business Awards 2014 Winners Announced - Ethical Corporation". ethicalcorp.com. Retrieved 12 July 2015.
  26. ↑ "PureCircle Wins Respected Sustainability Award". Yahoo Finance. 9 October 2014. Retrieved 12 July 2015.
  27. ↑ "PureCircle Honored As Finalist At The World Beverage Innovation Awards For Sustainability Efforts". Purecircle. Retrieved 12 July 2015.
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