Gregory R. Keenan joins Penford as Vice President – Business Development

Cedar Rapids, IA – November 7, 2012 — Penford Corporation (NASDAQ: PENX) announced today that Greg Keenan has joined the Company’s Industrial Ingredients division as Vice President and Director of Business Development.

Keenan brings extensive business development experience to Penford.  Before joining Penford, Keenan served as Vice President Business Development and Engineering with Virent, Inc.  Prior to that, he served as a Business Development Manager and Lead Engineer with Air Products and Chemicals, Inc.

Penford Corporation CEO Tom Malkoski stated, “We are very pleased to have Greg on board to help guide our exploration and development of new opportunities in bioproducts and related growth areas.   Greg will play a key role in our continuing efforts to further enhance shareholder value.”

Tim Kortemeyer, President of Penford Industrial Ingredients, added, “Greg is a strong addition to our division’s senior management team.   He adds significant capabilities that will permit us to move more quickly in evaluating and implementing new opportunities, particularly those involving our bioproducts technology.”

Keenan earned a Bachelor of Science degree in Chemical Engineering from Penn State and he holds a Master of Science in Engineering degree in the Management of Technology from the University of Pennsylvania.

About Penford Corporation

Penford Corporation (NASDAQ: PENX – develops, manufactures and markets a broad range of specialty ingredients derived from natural sources that are used in food and industrial applications. Products include food ingredients, pet and animal products, sustainable bioproducts to replace petroleum-based chemicals, starches for paper and packaging products, and biofuels. Penford has seven manufacturing and/or research locations in the United States.


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