ADM Enhances Plant Protein, Gluten-Free Ingredient Portfolio with Purchase of Harvest Innovations
CHICAGO--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) announced today that it has reached an agreement to purchase a controlling stake in Harvest Innovations, an industry leader in minimally processed, expeller-pressed soy proteins, oils and gluten-free ingredients.
“More and more consumers are looking for foods that are gluten-free, that aren’t genetically modified, and that are healthy and organic, and ADM is perfectly positioned to meet those needs,” said Vince Macciocchi, president of ADM’s WILD Flavors and Specialty Ingredients business unit. “We were already the provider of choice for a wide range of healthy, clean-label ingredients, and in the last year, we’ve significantly expanded our product portfolio. Today’s addition perfectly complements our existing ingredient businesses and offers customers a full-service, one-stop shop for their ingredient needs.”
Harvest Innovations uses expeller pressing to turn grains, legumes and oilseeds into minimally-processed, non-GMO, organic, gluten-free ingredients. Products range from non-GMO soy chips, expeller-pressed soy flour and textured vegetable protein, to the industry’s only organic soy crisps, to gluten-free flours and pastas.
“We are not done growing,” Macciocchi added. “Today, we offer an unmatched range of products, a fully integrated soy protein and gluten-free supply chain, and world-class formulation and solution expertise. We’re continuing to add to our capabilities, execute our plan to grow strategically, and deliver value for our customers and our shareholders.”
Harvest Innovations is based in Indianola, Iowa, and has a second processing facility in Deshler, Ohio.
“This is a great opportunity for the Harvest business, the Harvest team and Harvest customers,” said Barry Nadler, president and co-owner of Harvest Innovations. “We’re excited to join our resources and expertise with ADM’s to grow our business, and to serve more customers with more products, more innovation, and more great customer service.”
ADM anticipates closing the transaction, which is subject to regulatory approval, in the coming months.
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.
About WILD Foods and Specialty Ingredients
ADM’s WILD Flavors and Specialty Ingredients business unit, or WFSI, offers a comprehensive portfolio of ingredients to help customers deliver products that address taste, texture, nutrition and function. That portfolio also includes a wide range of proteins, lecithins, edible beans and related ingredients, hydrocolloids, polyols, soluble fiber products and other ingredients.
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 32,300 employees serving customers in more than 160 countries. With a global value chain that includes 428 crop procurement locations, 280 ingredient manufacturing facilities, 39 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
Jackie Anderson, 312-634-8484