Adds additional healthy ingredients to product portfolio
CHICAGO--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) today announced an agreement
to purchase Specialty Commodities Inc. (SCI), a leading originator,
processor and distributor of healthy ingredients, including nuts,
fruits, seeds, legumes and ancient grains, for US$170 million, subject
to post-closing adjustments.
“One of the ways we are improving returns and reducing the volatility of
our earnings is through the expansion of our specialty ingredients
portfolio,” said ADM Chairman and CEO Patricia A. Woertz. “One milestone
in the ongoing process was the addition of WILD Flavors; the addition of
Specialty Commodities Inc. is another step. Consumers around the world
are demanding higher-quality, better-tasting, healthier foods with clean
labels. We are continuing to add new product streams to our portfolio to
enhance our capabilities to serve our customers as they respond to this
SCI, which was founded almost three decades ago, works with a global
network of suppliers to source natural and organic ingredients and
distribute them to customers in the snack, ice cream, cereal, nutrition
bar, health food, bakery, pet food and bird food markets.
“We are pleased that SCI will become part of ADM,” said Larry Leitner,
SCI founding partner and CEO. “SCI’s suppliers, colleagues and customers
will benefit from ADM’s world-class innovation, supply-chain and
manufacturing capabilities. And with our complementary geographies,
similar business models, and shared focus on quality and customers, we
see a bright future for the business.”
SCI is majority owned by Goldner Hawn Johnson & Morrison. When the
transaction closes, SCI will become part of ADM’s new WILD Flavors and
Specialty Ingredients business unit.
“This is another step as we continue to broaden the portfolio of
ingredients we offer, enhance our knowledge and expertise, and focus on
the quality of our products and the markets that matter most to our
customers,” said Greg Morris, president, WILD Flavors and Specialty
ADM anticipates closing the transaction, which is subject to regulatory
approval, in the coming weeks.
About Specialty Commodities Inc.
For almost 30 years, SCI has offered a full line of natural and organic
products such as nuts, seeds, ancient grains, spices, dehydrated fruits
and other ingredients. Its corporate headquarters is in Fargo, North
Dakota; it has two processing facilities in California, locations in New
Jersey, Illinois, and Minnesota, and does business in countries
including China, Bolivia, Argentina, Brazil, India, South Africa, and
Australia. Information at www.specialtycommodities.com.
For more than a century, the people of Archer Daniels Midland Company
(NYSE: ADM) have transformed crops into products that serve the vital
needs of a growing world. Today, we’re one of the world’s largest
agricultural processors and food ingredient providers, with more than
33,000 employees serving customers in more than 140 countries. With a
global value chain that includes more than 470 crop procurement
locations, 285 ingredient manufacturing facilities, 40 innovation
centers and the world’s premier crop transportation network, we connect
the harvest to the home, making products for food, animal feed, chemical
and energy uses. Learn more at www.adm.com.
Archer Daniels Midland Company
Jackie Anderson, 217-424-5413