Phillips Selling Some of Provesta to Integrated Ingredients
BARTLESVILLE, Okla. (AP) _ Phillips Petroleum Co. has agreed to sell part of its Provesta Corp. subsidiary to Integrated Ingredients, which develops products similar to Provesta’s line of yeast-based flavor ingredients.
Terms of the agreement, announced Thursday, were not released.
The Provesta name will remain when the deal is completed, Integrated Ingredients President David N. Wilson said.
Integrated Ingredients, based in Alameda, Calif., is a division of Burns Philp Food Inc. of San Francisco, which in turn is a unit of Burns Philp and Co. Ltd. of Sydney, Australia.
Phillips, based in Bartlesville, Okla., has been divesting non-core assets to concentrate on its petroleum business units.