- Investment in Aston Foods and Food Ingredients builds on previous growth in Europe, Middle East and North Africa
Archer Daniels Midland Company (NYSE: ADM) today announced an agreement
to acquire a 50 percent equity stake in the sweeteners and starches
business of Russia-based Aston Foods and Food Ingredients.
“ADM has substantially added to our global sweeteners and starches
capabilities with acquisitions serving the European Union, Middle East
and North Africa markets, and now we are expanding to serve the growing
Russian food and beverage industry,” said Pierre Duprat, president, ADM
Europe, Middle East and Africa. “Aston is a key player in this important
market, and we look forward to joining them and bringing our experience
and capabilities to help our new jointly-owned business grow.”
Under the terms of the agreement, ADM will become 50 percent owner of
Aston’s corn wet mills in Ibred and Novlyanka, which are strategically
located close to major customers in the Russian food and beverage
“This investment is the latest in a series of important additions and
enhancements we have made to grow our global Corn business,” said Chris
Cuddy, president of ADM’s Corn Processing business. “Last year, we
completed our acquisition of Chamtor, opening up access to key markets
in Western Europe. In 2015 and 2016, we acquired corn facilities in
Hungary, Bulgaria, Turkey and Morocco, then launched a significant
expansion effort to enhance our capabilities in those businesses. And
we’ve grown significantly in Asia, with our sweetener facility in
Tianjin as well as several animal feed plants. Taken together with this
expansion into Russia, these global additions represent a substantial
transformation for our Corn business as we continue our geographical
growth and diversification.”
ADM is targeting a close for the transaction, which is subject to
regulatory approval, late in the second quarter of 2018.
Some of the above statements constitute forward-looking statements.
ADM’s filings with the SEC provide detailed information on such
statements and risks, and should be consulted along with this release.
To the extent permitted under applicable law, ADM assumes no obligation
to update any forward-looking statements.
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
approximately 31,000 employees serving customers in more than 170
countries. With a global value chain that includes approximately 500
crop procurement locations, 270 ingredient manufacturing facilities, 44
innovation centers and the world’s premier crop transportation network,
we connect the harvest to the home, making products for food, animal
feed, industrial and energy uses. Learn more at www.adm.com.
Archer Daniels Midland Company