The move, first announced in early January, also includes the acquisition of the SPI Polyols ' food business, which will significantly increase the company's ingredients offerings to the industry.
Corn Products yesterday said the terms of the acquisition were not disclosed.
However, the combined businesses are expected to have annual sales of nearly $100m. "This acquisition will strengthen our sweeteners platform and reinforce our Pathway strategy to expand our value-added, specialty product portfolio and become a broader-based ingredients company," said Sam Scott, chairman, president and chief executive officer of Corn Products International.
"The acquisition also would make us a leading producer of polyols in Latin America with facilities in Brazil, Mexico and Colombia, and would allow us to enter the US and Canadian markets primarily as a specialty polyols supplier."
Although the supply of ingredients to the food industry is well developed, CPI's supply of polyols to the personal care ingredient is still relatively undeveloped.
Currently, the company's involvement in the personal care field is largely limited to starches supplied for baby and face powders.
Polyols are a hydrogenated form of carbohydrate reduced to a primary or secondary hydroxil group.
The family of compounds are used for various applications within the personal care and oral care sector.
The most commonly used derivative in the personal care market is sorbitol, often used as a humectant or thickener for oral care products, as well as giving moisturizing properties to skin care products.
Getec is one of the nation's major producers of polyols, including liquid sorbitol and mannitol, and anhydrous dextrose.
As well as the personal care and pharmaceutical market, it also serves the food, candy and confectionary industries.
In September 2006, Corn Products International increased its equity ownership in Getec to 50 per cent from 20 per cent.
Corn Products this month reported "record" sales for 2006, closing its 100th anniversary year with what it had forecast to be its "best year ever".
The company, which is a leading producer of dextrose, starch, high fructose corn syrup and glucose to the food industry, said that its strong results were a result of good volume sales as well as favorable currency translations and price/product mix.
Net sales for the year ended December 31 2006 grew 11 per cent to reach $2.6bn, with profit increasing 25 per cent compared to last year to reach a total of $416m.