Alto Ingredients, Inc. is a producer and distributor of specialty alcohols, renewable fuels and essential ingredients in the United States.
The company operates five alcohol production facilities. Three of the company’s production facilities are located in Illinois, one is located in Oregon and another is located in Idaho. The company has an annual alcohol production capacity of 350 million gallons, including both renewable fuels and specialty alcohols ranging from industrial-, pharmaceutical-,...
Alto Ingredients, Inc. is a producer and distributor of specialty alcohols, renewable fuels and essential ingredients in the United States.
The company operates five alcohol production facilities. Three of the company’s production facilities are located in Illinois, one is located in Oregon and another is located in Idaho. The company has an annual alcohol production capacity of 350 million gallons, including both renewable fuels and specialty alcohols ranging from industrial-, pharmaceutical-, and high-quality food- and beverage-grade alcohols. Of this amount, the company can produce up to 110 million gallons annually of specialty alcohols, depending on the company’s product mix among high-quality beverage-grade alcohol and other quality specification alcohols. The company markets and distributes all of the alcohols produced at its facilities, as well as alcohols produced by third parties. In 2024, the company marketed and distributed approximately 386 million gallons combined of the company’s own produced alcohols, as well as fuel-grade ethanol produced by third parties, and over 1.4 million tons of essential ingredients on a dry matter basis.
The company also owns and operates a liquid carbon dioxide, or CO2, production facility adjacent to the company’s plant in Oregon for the offtake of CO2 gas from the plant for conversion to liquid CO2 and subsequent sale. The company acquired this facility on January 1, 2025.
In addition, the company breaks bulk and distributes specialty alcohols, produced by the company and third parties, through the company’s Eagle Alcohol business.
The company reports its financial and operating performance in three distinct segments:
Pekin production, which includes the production and sale of alcohols and essential ingredients produced at the company’s three production facilities located in Pekin, Illinois, which the company refers to as its Pekin Campus;
Marketing and distribution, which includes marketing and merchant trading for company-produced alcohols and essential ingredients on an aggregated basis, and sales of fuel-grade ethanol sourced from third parties; and
Western production, which includes the production and sale of renewable fuels and essential ingredients and, beginning in 2025, liquid CO2, produced at the company’s western production facilities, including the company’s liquid CO2 plant, on an aggregated basis, none of which are individually so significant as to be considered a separately reportable segment.
Production Segment
The company produces specialty alcohols, renewable fuels and essential ingredients, focusing on five key markets: Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels. Products for Health, Home & Beauty markets include specialty alcohols used in mouthwash, cosmetics, pharmaceuticals, hand sanitizers, disinfectants and cleaners. Products for Food & Beverage markets include grain neutral spirits used in alcoholic beverages and vinegar and corn germ used for corn oils. Products for Industry & Agriculture markets include alcohols and other products for paint applications, vehicle fluids and fertilizers. Products for Essential Ingredients markets include dried yeast, corn protein meal, corn protein feed, corn germ, distillers grains, liquid CO2 and liquid feed used in commercial animal feed and pet foods. The company also sells yeast and liquid CO2 for human consumption. The company’s products for the Renewable Fuels markets include fuel-grade ethanol and distillers corn oil used as a feedstock for renewable diesel and biodiesel fuels. The company’s specialty alcohols for the Industry & Agriculture, Food & Beverage and Health, Home & Beauty markets represented approximately 12%, 7% and 3%, respectively, of the company’s sales in 2024 from these three markets.
The company produces its alcohols and essential ingredients at the company’s facilities described below. The company’s production facilities located in Illinois are in the heart of the Corn Belt, benefit from relatively low-cost and abundant feedstock and enjoy logistical advantages that enable the company to provide its products to both domestic and international markets via truck, rail or barge. The company’s production facilities located in Oregon and Idaho are near their respective fuel and feed customers, offering significant timing, product transportation cost and logistical advantages.
All of the company’s production facilities, other than the company’s Magic Valley plant, were operating for all of 2024, subject to scheduled and unscheduled downtimes to address facility repair and maintenance.
In January 2024, the company temporarily hot-idled its Magic Valley facility to minimize losses from negative regional crush margins and to expedite the installation of additional equipment to achieve the intended production rate, quality and consistency from the company’s corn oil and high protein system at the facility. The company restarted its Magic Valley facility in July 2024 and by October 2024, the facility consistently achieved average ethanol production rates at full capacity, the protein content yield from the plant reached 50% or greater, and the company was able to expand its corn oil yields. As a consequence, the company cold-idled its Magic Valley facility on December 31, 2024. The company continues to provide terminal services at the plant and intends to resume operations at the facility when the economic environment in the region sustainably improves.
Marketing and Distribution Segment
The company markets and distributes all the alcohols and essential ingredients the company produces at its facilities. The company also markets and distributes alcohols produced by third parties.
The company has extensive and long-standing customer relationships, both domestic and international, for the company’s specialty alcohols and essential ingredients. These customers include producers and distributors of ingredients for cosmetics, sanitizers and related products, distilled spirits producers, food products manufacturers, producers of personal health/consumer health and personal care hygiene products, and global trading firms.
The company’s renewable fuel customers are located throughout the Western and Midwestern United States and consist of integrated oil companies and gasoline marketers who blend fuel-grade ethanol into gasoline. The company’s customers depend on the company to provide a reliable supply of fuel-grade ethanol and manage the logistics and timing of delivery. The company’s customers collectively require fuel-grade ethanol volumes in excess of the supplies the company produces at its facilities. The company secures additional fuel-grade ethanol supplies from third-party ethanol producers. The company arranges for transportation, storage and delivery of fuel-grade ethanol purchased by its customers through the company’s agreements with third-party service providers in the Western United States, as well as in the Midwest from a variety of sources.
The company markets food-grade essential ingredients to human and pet food markets, the company’s feed products (such as distillers grains) primarily to export markets from the company’s Pekin Campus, and other feed products to dairies and feedlots, in many cases located near the company’s production facilities. These customers use the company’s feed products for livestock as a substitute for corn and other sources of starch and protein. The company sells its corn oil to poultry, renewable diesel and biodiesel customers.
Business Strategy
The key elements of the company’s business and growth strategy are to focus on the company’s customer relationships; implement carbon capture and storage at the company’s Pekin Campus, lowering the company’s carbon footprint; expand product offerings; implement new equipment and technologies; and evaluate and pursue strategic opportunities.
Overview of The company’s Key Markets and Market Opportunity
The company produces specialty alcohols, renewable fuels and essential ingredients, focusing on five key markets: Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels.
Health, Home & Beauty
The company’s products for the health, home and beauty markets include specialty alcohols used in mouthwash, cosmetics, pharmaceuticals, hand sanitizers, disinfectants and cleaners. The company offers a variety of specialty alcohols for the health, home and beauty markets, depending on usage and regulatory requirements, including API-grade or USP-grade ethyl alcohols, and industrial-grade ethyl alcohol.
The company has ISO 9001, FSSC 22000, ICH Q7 and EXCiPACT certifications, all of which are viewed as important attestations of quality control standards. In particular, the company’s ICH Q7 certification qualifies the company’s specialty alcohols for use as an API, and the company’s EXCiPACT certification qualifies the company’s specialty alcohols for use as an excipient in the pharmaceutical industry. These certifications enable the company to offer products to a wider group of customers and generally at more profitable margins.
Food & Beverage
The company’s products for the food and beverage market include specialty alcohols used in alcoholic beverages, flavor extracts and vinegar, as well as corn germ used for corn oils and CO2 used for beverage carbonation and dry ice. The company offers grain neutral spirits, or GNS, alcohol as the company’s primary specialty alcohol for beverage-grade products. In addition, the company sells FCC 190 and USP 190 Ultra into vinegar markets. The company also sells high-quality 192 proof and low-moisture 200-proof GNS products to customers in the beverage, food, flavor and personal care industries.
The key drivers in the food and beverage market include consumer preferences for the social currency of brand authenticity and heritage; consumers seeking unique and personalized experiences; improved consumer access to spirits products; the growth of craft distillers; and the ability to meet wide-ranging consumer preferences through a broad diversity of spirits categories and cocktails.
Industry & Agriculture
The company’s products for the industry and agriculture market include alcohols and other products for paint applications, vehicle fluids and fertilizers.
Essential Ingredients
The company’s essential ingredients include dried yeast, corn protein meal, corn protein feed, and distillers grains and liquid feed used in commercial animal feed and pet foods. In addition, the company sells yeast for human consumption. The company also produces and sells liquid CO2. The raw materials for the company’s essential ingredients are generated as co-products from the company’s production of alcohols. These co-products are further manufactured, altered and refined into the company’s essential ingredients, including for special customer applications.
Many of the company’s essential ingredients are used in a variety of food products to affect their nutrition, including protein and fat content, as well as other product attributes such as taste, texture, palatability and stability. The company’s high quality and high purity manufacturing enables the company’s customers to use some of the company’s essential ingredients in human foods while others are used solely in pet foods and animal feed.
The company expects the essential ingredients market to grow significantly due to global demand for higher-grade protein feed, such as feed used in fisheries and other applications for plant-based proteins.
Renewable Fuels
The company’s renewable fuels products include fuel-grade ethanol primarily used as a transportation fuel additive and distillers corn oil used as a renewable diesel and biodiesel feedstock. The company’s renewable fuels business is supported by the company’s own production of fuel-grade ethanol as well as fuel-grade ethanol produced by third parties.
Customers
The company’s Kinergy Marketing LLC, or Kinergy, subsidiary sells all of the company’s produced alcohols and also markets fuel-grade ethanol produced by third parties. The company’s Alto Nutrients, LLC subsidiary sells all of the essential ingredients the company produces. The company’s Alto Carbonic, LLC subsidiary sells all of the liquid CO2 the company produces and its Eagle Alcohol business sells the company’s alcohols and third-party alcohols in break bulk quantities to customers in the beverage, food, industrial and related-process industries.
The company has extensive and long-standing customer relationships, both domestic and international, for the company’s specialty alcohols and essential ingredients, including yeast for pet food and human foods. These customers include producers and distributors of ingredients for cosmetics, sanitizers and related products, distilled spirits producers, food products manufacturers, producers of personal health/consumer health and personal care hygiene products, and global trading firms.
The company’s renewable fuel customers are located throughout the Western and Midwestern United States and consist of integrated oil companies and gasoline marketers who blend fuel-grade ethanol into gasoline. The company’s customers depend on the company to provide a reliable supply of fuel-grade ethanol and manage the logistics and timing of delivery. The company secures additional fuel-grade ethanol supplies from third-party fuel-grade ethanol plants.
The company markets its essential ingredient feed products to dairies and feedlots, in many cases located near the company’s production facilities. These customers use the company’s feed products for livestock as a substitute for corn and other sources of starch and protein. The company sells its corn oil to poultry, renewable diesel and biodiesel customers.
During 2024, the company’s Pekin Campus production segment sold an aggregate of approximately 214 million gallons of alcohols and 906,300 tons of essential ingredients on a dry matter basis.
During 2024, the company’s Western production segment sold an aggregate of approximately 61 million gallons of alcohols and 514,600 tons of essential ingredients on a dry matter basis.
During 2024, the company produced or purchased from third parties and resold an aggregate of 386 million gallons of alcohols to approximately 85 customers. For 2024, sales to the company’s two largest customers, Chevron Products USA and Shell Trading (US) Company represented an aggregate of approximately 18% of the company’s net sales. For 2024, sales to each of the company’s other customers represented less than 10% of the company’s net sales.
Marketing Arrangements
The company markets all the alcohols and essential ingredients produced at the company’s facilities. The company also markets and distributes alcohols produced by third parties.
Governmental Regulation
The company’s business is subject to a wide range of federal, state and local laws and regulations directed at protecting public health and the environment, including those promulgated by the Occupational Safety and Health Administration, or OSHA, the U.S. Food and Drug Administration, or FDA, the EPA, and numerous state, local and international authorities.
The company’s products for the Health, Home & Beauty, Food & Beverage and Essential Ingredients markets are subject to regulation by the FDA as well as similar state agencies.
Many of the FDA’s and FDCA’s rules and regulations apply directly to the company, as well as indirectly through their application in the company’s customers’ products.
In addition to the governmental regulations applicable to the alcohol production and marketing industry described above, the company’s business is subject to additional federal, state and local environmental regulations, including regulations established by the EPA and state regulatory agencies related to water quality and air pollution control.
History
The company was founded in 2003. It was incorporated in 2005. The company was formerly known as Pacific Ethanol, Inc. and changed its name to Alto Ingredients, Inc. in 2021.0c24
Alto Ingredients, Inc. is a producer and distributor of specialty alcohols, renewable fuels and essential ingredients in the United States.
The company operates five alcohol production facilities. Three of the company’s production facilities are located in Illinois, one is located in Oregon and another is located in Idaho. The company has an annual alcohol production capacity of 350 million gallons, including both renewable fuels and specialty alcohols ranging from industrial-, pharmaceutical-, and high-quality food- and beverage-grade alcohols. Of this amount, the company can produce up to 110 million gallons annually of specialty alcohols, depending on the company’s product mix among high-quality beverage-grade alcohol and other quality specification alcohols. The company markets and distributes all of the alcohols produced at its facilities, as well as alcohols produced by third parties. In 2024, the company marketed and distributed approximately 386 million gallons combined of the company’s own produced alcohols, as well as fuel-grade ethanol produced by third parties, and over 1.4 million tons of essential ingredients on a dry matter basis.
The company also owns and operates a liquid carbon dioxide, or CO2, production facility adjacent to the company’s plant in Oregon for the offtake of CO2 gas from the plant for conversion to liquid CO2 and subsequent sale. The company acquired this facility on January 1, 2025.
In addition, the company breaks bulk and distributes specialty alcohols, produced by the company and third parties, through the company’s Eagle Alcohol business.
The company reports its financial and operating performance in three distinct segments:
Pekin production, which includes the production and sale of alcohols and essential ingredients produced at the company’s three production facilities located in Pekin, Illinois, which the company refers to as its Pekin Campus;
Marketing and distribution, which includes marketing and merchant trading for company-produced alcohols and essential ingredients on an aggregated basis, and sales of fuel-grade ethanol sourced from third parties; and
Western production, which includes the production and sale of renewable fuels and essential ingredients and, beginning in 2025, liquid CO2, produced at the company’s western production facilities, including the company’s liquid CO2 plant, on an aggregated basis, none of which are individually so significant as to be considered a separately reportable segment.
Production Segment
The company produces specialty alcohols, renewable fuels and essential ingredients, focusing on five key markets: Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels. Products for Health, Home & Beauty markets include specialty alcohols used in mouthwash, cosmetics, pharmaceuticals, hand sanitizers, disinfectants and cleaners. Products for Food & Beverage markets include grain neutral spirits used in alcoholic beverages and vinegar and corn germ used for corn oils. Products for Industry & Agriculture markets include alcohols and other products for paint applications, vehicle fluids and fertilizers. Products for Essential Ingredients markets include dried yeast, corn protein meal, corn protein feed, corn germ, distillers grains, liquid CO2 and liquid feed used in commercial animal feed and pet foods. The company also sells yeast and liquid CO2 for human consumption. The company’s products for the Renewable Fuels markets include fuel-grade ethanol and distillers corn oil used as a feedstock for renewable diesel and biodiesel fuels. The company’s specialty alcohols for the Industry & Agriculture, Food & Beverage and Health, Home & Beauty markets represented approximately 12%, 7% and 3%, respectively, of the company’s sales in 2024 from these three markets.
The company produces its alcohols and essential ingredients at the company’s facilities described below. The company’s production facilities located in Illinois are in the heart of the Corn Belt, benefit from relatively low-cost and abundant feedstock and enjoy logistical advantages that enable the company to provide its products to both domestic and international markets via truck, rail or barge. The company’s production facilities located in Oregon and Idaho are near their respective fuel and feed customers, offering significant timing, product transportation cost and logistical advantages.
All of the company’s production facilities, other than the company’s Magic Valley plant, were operating for all of 2024, subject to scheduled and unscheduled downtimes to address facility repair and maintenance.
In January 2024, the company temporarily hot-idled its Magic Valley facility to minimize losses from negative regional crush margins and to expedite the installation of additional equipment to achieve the intended production rate, quality and consistency from the company’s corn oil and high protein system at the facility. The company restarted its Magic Valley facility in July 2024 and by October 2024, the facility consistently achieved average ethanol production rates at full capacity, the protein content yield from the plant reached 50% or greater, and the company was able to expand its corn oil yields. As a consequence, the company cold-idled its Magic Valley facility on December 31, 2024. The company continues to provide terminal services at the plant and intends to resume operations at the facility when the economic environment in the region sustainably improves.
Marketing and Distribution Segment
The company markets and distributes all the alcohols and essential ingredients the company produces at its facilities. The company also markets and distributes alcohols produced by third parties.
The company has extensive and long-standing customer relationships, both domestic and international, for the company’s specialty alcohols and essential ingredients. These customers include producers and distributors of ingredients for cosmetics, sanitizers and related products, distilled spirits producers, food products manufacturers, producers of personal health/consumer health and personal care hygiene products, and global trading firms.
The company’s renewable fuel customers are located throughout the Western and Midwestern United States and consist of integrated oil companies and gasoline marketers who blend fuel-grade ethanol into gasoline. The company’s customers depend on the company to provide a reliable supply of fuel-grade ethanol and manage the logistics and timing of delivery. The company’s customers collectively require fuel-grade ethanol volumes in excess of the supplies the company produces at its facilities. The company secures additional fuel-grade ethanol supplies from third-party ethanol producers. The company arranges for transportation, storage and delivery of fuel-grade ethanol purchased by its customers through the company’s agreements with third-party service providers in the Western United States, as well as in the Midwest from a variety of sources.
The company markets food-grade essential ingredients to human and pet food markets, the company’s feed products (such as distillers grains) primarily to export markets from the company’s Pekin Campus, and other feed products to dairies and feedlots, in many cases located near the company’s production facilities. These customers use the company’s feed products for livestock as a substitute for corn and other sources of starch and protein. The company sells its corn oil to poultry, renewable diesel and biodiesel customers.
Business Strategy
The key elements of the company’s business and growth strategy are to focus on the company’s customer relationships; implement carbon capture and storage at the company’s Pekin Campus, lowering the company’s carbon footprint; expand product offerings; implement new equipment and technologies; and evaluate and pursue strategic opportunities.
Overview of The company’s Key Markets and Market Opportunity
The company produces specialty alcohols, renewable fuels and essential ingredients, focusing on five key markets: Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels.
Health, Home & Beauty
The company’s products for the health, home and beauty markets include specialty alcohols used in mouthwash, cosmetics, pharmaceuticals, hand sanitizers, disinfectants and cleaners. The company offers a variety of specialty alcohols for the health, home and beauty markets, depending on usage and regulatory requirements, including API-grade or USP-grade ethyl alcohols, and industrial-grade ethyl alcohol.
The company has ISO 9001, FSSC 22000, ICH Q7 and EXCiPACT certifications, all of which are viewed as important attestations of quality control standards. In particular, the company’s ICH Q7 certification qualifies the company’s specialty alcohols for use as an API, and the company’s EXCiPACT certification qualifies the company’s specialty alcohols for use as an excipient in the pharmaceutical industry. These certifications enable the company to offer products to a wider group of customers and generally at more profitable margins.
Food & Beverage
The company’s products for the food and beverage market include specialty alcohols used in alcoholic beverages, flavor extracts and vinegar, as well as corn germ used for corn oils and CO2 used for beverage carbonation and dry ice. The company offers grain neutral spirits, or GNS, alcohol as the company’s primary specialty alcohol for beverage-grade products. In addition, the company sells FCC 190 and USP 190 Ultra into vinegar markets. The company also sells high-quality 192 proof and low-moisture 200-proof GNS products to customers in the beverage, food, flavor and personal care industries.
The key drivers in the food and beverage market include consumer preferences for the social currency of brand authenticity and heritage; consumers seeking unique and personalized experiences; improved consumer access to spirits products; the growth of craft distillers; and the ability to meet wide-ranging consumer preferences through a broad diversity of spirits categories and cocktails.
Industry & Agriculture
The company’s products for the industry and agriculture market include alcohols and other products for paint applications, vehicle fluids and fertilizers.
Essential Ingredients
The company’s essential ingredients include dried yeast, corn protein meal, corn protein feed, and distillers grains and liquid feed used in commercial animal feed and pet foods. In addition, the company sells yeast for human consumption. The company also produces and sells liquid CO2. The raw materials for the company’s essential ingredients are generated as co-products from the company’s production of alcohols. These co-products are further manufactured, altered and refined into the company’s essential ingredients, including for special customer applications.
Many of the company’s essential ingredients are used in a variety of food products to affect their nutrition, including protein and fat content, as well as other product attributes such as taste, texture, palatability and stability. The company’s high quality and high purity manufacturing enables the company’s customers to use some of the company’s essential ingredients in human foods while others are used solely in pet foods and animal feed.
The company expects the essential ingredients market to grow significantly due to global demand for higher-grade protein feed, such as feed used in fisheries and other applications for plant-based proteins.
Renewable Fuels
The company’s renewable fuels products include fuel-grade ethanol primarily used as a transportation fuel additive and distillers corn oil used as a renewable diesel and biodiesel feedstock. The company’s renewable fuels business is supported by the company’s own production of fuel-grade ethanol as well as fuel-grade ethanol produced by third parties.
Customers
The company’s Kinergy Marketing LLC, or Kinergy, subsidiary sells all of the company’s produced alcohols and also markets fuel-grade ethanol produced by third parties. The company’s Alto Nutrients, LLC subsidiary sells all of the essential ingredients the company produces. The company’s Alto Carbonic, LLC subsidiary sells all of the liquid CO2 the company produces and its Eagle Alcohol business sells the company’s alcohols and third-party alcohols in break bulk quantities to customers in the beverage, food, industrial and related-process industries.
The company has extensive and long-standing customer relationships, both domestic and international, for the company’s specialty alcohols and essential ingredients, including yeast for pet food and human foods. These customers include producers and distributors of ingredients for cosmetics, sanitizers and related products, distilled spirits producers, food products manufacturers, producers of personal health/consumer health and personal care hygiene products, and global trading firms.
The company’s renewable fuel customers are located throughout the Western and Midwestern United States and consist of integrated oil companies and gasoline marketers who blend fuel-grade ethanol into gasoline. The company’s customers depend on the company to provide a reliable supply of fuel-grade ethanol and manage the logistics and timing of delivery. The company secures additional fuel-grade ethanol supplies from third-party fuel-grade ethanol plants.
The company markets its essential ingredient feed products to dairies and feedlots, in many cases located near the company’s production facilities. These customers use the company’s feed products for livestock as a substitute for corn and other sources of starch and protein. The company sells its corn oil to poultry, renewable diesel and biodiesel customers.
During 2024, the company’s Pekin Campus production segment sold an aggregate of approximately 214 million gallons of alcohols and 906,300 tons of essential ingredients on a dry matter basis.
During 2024, the company’s Western production segment sold an aggregate of approximately 61 million gallons of alcohols and 514,600 tons of essential ingredients on a dry matter basis.
During 2024, the company produced or purchased from third parties and resold an aggregate of 386 million gallons of alcohols to approximately 85 customers. For 2024, sales to the company’s two largest customers, Chevron Products USA and Shell Trading (US) Company represented an aggregate of approximately 18% of the company’s net sales. For 2024, sales to each of the company’s other customers represented less than 10% of the company’s net sales.
Marketing Arrangements
The company markets all the alcohols and essential ingredients produced at the company’s facilities. The company also markets and distributes alcohols produced by third parties.
Governmental Regulation
The company’s business is subject to a wide range of federal, state and local laws and regulations directed at protecting public health and the environment, including those promulgated by the Occupational Safety and Health Administration, or OSHA, the U.S. Food and Drug Administration, or FDA, the EPA, and numerous state, local and international authorities.
The company’s products for the Health, Home & Beauty, Food & Beverage and Essential Ingredients markets are subject to regulation by the FDA as well as similar state agencies.
Many of the FDA’s and FDCA’s rules and regulations apply directly to the company, as well as indirectly through their application in the company’s customers’ products.
In addition to the governmental regulations applicable to the alcohol production and marketing industry described above, the company’s business is subject to additional federal, state and local environmental regulations, including regulations established by the EPA and state regulatory agencies related to water quality and air pollution control.
History
The company was founded in 2003. It was incorporated in 2005. The company was formerly known as Pacific Ethanol, Inc. and changed its name to Alto Ingredients, Inc. in 2021.
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