ADM Strengthens Global Sweetener Footprint with Completion of Eaststarch Acquisition
CHICAGO--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) today announced that it has completed the purchase of certain assets of Eaststarch C.V., ADM’s 50-50 joint venture with Tate & Lyle (LSE: TATE).
“This acquisition is an important expansion for ADM’s Corn business,” said Chris Cuddy, president of ADM’s Corn Processing business unit. “In order to continue to diversify our global footprint, our team has done a great job pursuing opportunities for profitable growth in key demand regions. We continue to enhance our capabilities to serve customers around the world, and to create value for our shareholders.”
ADM is now the owner of corn wet mills in Bulgaria and Turkey, and owns a 50 percent stake in a wet mill in Hungary. The Bulgaria, Turkey and Hungary facilities have a combined daily grind capacity of approximately 200,000 bushels. They produce primarily sweeteners and starches; the Hungary facility also produces ethanol for beverage, industrial and fuel uses.
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 more than 33,000 employees serving customers in more than 140 countries. With a global value chain that includes more than 460 crop procurement locations, 300 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, industrial and energy uses. Learn more at www.adm.com.
Archer Daniels Midland Company
Jackie Anderson, 312-634-8484