It’s the type of business restructuring capable of striking envy in the hearts of many a company board member—and particularly those known to favor one oft-repeated bit of business wisdom: Never waste a recession.
At food ingredient maker Ingredion, where the recession’s bite is directly linked to the eating habits of consumers, a 2-year-old restructuring strategy dubbed “Cost Smart” has begun to deliver on its cost savings promises.
In fact, last month, the maker of sweeteners and starches announced plans to increase its Cost Smart run-rate savings target from $150M annually to $170M—a $20M uptick that led certain analysts to believe now might be the right time for the food giant to step on Cost Smart’s accelerator.
Not so fast, says Ingredion CFO Jim Gray, who reports that he already likes what he’s seeing in Ingredion’s rearview mirror.
“The opportunity around