Overview
Ingredion (INGR) has seen its shares decline since mid-February, driven by fears of a Covid-19-related economic slowdown. While the company will likely be affected to some capacity, we see no major changes to Ingredion's ability to generate revenue. Roughly 70% of sales stem from food and beverage customers that should be relatively insulated from the Covid-19 impact. Industrial sales will likely be impacted to a degree. However, this segment comprises less than 20% of revenue.
As a producer and seller of ingredients, Ingredion will likely continue to be considered an essential business