ADM to Acquire Eatem Foods Company
CHICAGO--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) today announced an agreement to purchase Eatem Foods Company, a leading developer and producer of premium traditional, natural and organic savory flavor systems.
“We’re accelerating our evolution from an ingredient supplier to a complete solutions provider by systematically building and acquiring capabilities to meet a wide range of customer needs,” said Vince Macciocchi, president of ADM’s WILD Flavors and Specialty Ingredients business unit. “Last year’s addition of Specialty Commodities Inc. added capabilities in ancient grains and expanded our nut and seed offering. Just a few weeks ago, we announced our new, state-of-the-art flavor lab and customer innovation center in Cranbury, New Jersey. And with today’s announcement, we’ll be able to even better serve our customers and the growing market for savory flavor blends with Eatem’s renowned combination of culinary expertise and technical know-how.
“Eatem’s products and capabilities align exceptionally well with consumer preferences for healthier foods, clean labels, ethnic cuisines and natural flavors,” added Macciocchi. “And, their expertise in flavors complements WILD’s strengths. This exciting addition for ADM will allow us to broaden our capabilities in the important foodservice and private brand channels. ADM’s WILD Flavors and Specialty Ingredients business is following through on its plan to grow profitably: broadening the product portfolio, building the brand, enhancing structural capacity and expanding geographically. This is a perfect example of how ADM is executing on our plan to deliver value for our shareholders by targeting—and delivering on—profitable bolt-on growth opportunities.”
Eatem, which was founded in 1983, is based in Vineland, New Jersey, and is privately held. The company’s annual revenues have been in the mid-$40 million range.
“We are excited that Eatem will become part of the ADM team,” said Eatem CEO Ron Savelli. “Not only do Eatem’s savory flavor systems fit well alongside ADM’s existing portfolio, but our people also share a focus on quality and service that will benefit suppliers and customers.”
ADM anticipates closing the transaction, which is subject to regulatory approval, in the coming weeks.
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 Eatem Foods Company
Eatem Foods Company, established in 1983, is an industrial leader and quality supplier of flavor systems. Built on a rich, culinary heritage, we provide the foundation for many of the country’s most recognizable savory brands. The founders of our company instilled a food-focused passion that fuels us today.
We are foodies! We are inspired by, fanatical for, and simply wild about food! It is this passion that drives us to develop unique and exciting products and applications for our customers. When you partner with Eatem Foods Company, you receive the highest-quality ingredients and a creative partner with the shared goal of getting you to market faster. Our agile team of sales professionals, scientists, and culinary developers will provide you with support from bench to plate. Learn more at www.eatemfoods.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 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