Investing to ensure capacity to meet increasing demand from food, beverage and industrial customers
New capacity will propel continued growth of BioSolutions platform
ADM (NYSE: ADM), a global leader in nutrition and sustainable solutions, today announced it will invest to significantly expand starch production at its Marshall, Minnesota, facility in order to meet fast-growing demand from the food and beverage sectors, and to support the continued expansion of the company’s BioSolutions platform.
“We’re continuing to evolve our Carbohydrate Solutions business to align with growing and changing demand, driven by the global trends of food security and sustainability,” said Chris Cuddy, president of ADM’s Carbohydrate Solutions business. “Three years ago, we announced that we would be phasing out production of high-fructose corn syrup at Marshall and expanding starch production to support increasing demand for products like sustainable packaging. In the short time since then, demand has continued to expand, both for food and beverage customers as well as for the broad array of plant-based products that make up our fast-growing BioSolutions platform. This significant capacity expansion will help ensure that we can continue to meet our customers’ needs across this broad portfolio.”
ADM’s BioSolutions platform meets demand for more sustainable products and solutions across a wide variety of applications, from construction to packaging to personal care. BioSolutions delivered $100 million in new annualized revenue in 2021, and has continued swift expansion, with $55 million in new sales growth in 2022.
“We’re continuing to expand the frontier of what is possible to meet demand for sustainable, plant-based products and solutions,” Cuddy continued. “From our bioplastics agreement with LG Chem, to our work with NET Power and 8 Rivers to build a zero-emissions power plant in Decatur, to our advancement of the decarbonization of our footprint, we’re powering growth and living our purpose with the continued evolution of our Carbohydrates Solutions business.”
The Marshall project is expected to be complete in the second half of 2023.
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.
ADM unlocks the power of nature to enrich the quality of life. We’re a premier global human and animal nutrition company, delivering solutions today with an eye to the future. We’re blazing new trails in health and well-being as our scientists develop groundbreaking products to support healthier living. We’re a cutting-edge innovator leading the way to a new future of plant-based consumer and industrial solutions to replace petroleum-based products. We’re an unmatched agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. And we’re a leader in sustainability, scaling across entire value chains to help decarbonize our industry and safeguard our planet. From the seed of the idea to the outcome of the solution, we give customers an edge in solving the nutritional and sustainability challenges of today and tomorrow. Learn more at www.adm.com.
Source: Corporate Release