ADM to Acquire Shares In Wilmar International Ltd.
CHICAGO--(BUSINESS WIRE)-- Archer Daniels Midland Company (NYSE: ADM) will contribute its direct holdings in its Wilmar-related agriculture processing joint ventures in China to Wilmar International Ltd. (WIL) in exchange for shares in WIL. WIL is a publicly-traded company on the Singapore Exchange Limited (SGX).
WIL plans to acquire the worldwide oilseed-related assets of Wilmar Holdings Pte. Ltd. and merge with the Kuok Group, which will result in it becoming the largest agribusiness group in Asia. Upon combination of these assets, WIL will have assets in soy crushing, edible oil refining and packaging, palm plantations, palm refineries, biodiesel production, specialty fats and oleochemical fatty acids throughout Asia.
“ADM is pleased to become a significant shareholder in the largest agriculture processing business in Asia. This investment will complement our existing global agribusiness activities,” said Patricia Woertz, ADM CEO and President.
Upon completion of the transaction, ADM, through its direct and indirect holdings, will become the second largest shareholder in WIL. The Kuok Group consists of holdings in PPB Oil Palms Bhd., Kuok Oils and Grains Pte. Ltd. and PGEO Group Sdn. Bhd.
Archer Daniels Midland Company (ADM) is the world leader in BioEnergy and has a premier position in the agricultural processing value chain. ADM is one of the world’s largest processors of soybeans, corn, wheat and cocoa. ADM is a leading manufacturer of biodiesel, ethanol, soybean oil and meal, corn sweeteners, flour and other value-added food and feed ingredients. Headquartered in Decatur, Illinois, ADM has over 26,000 employees, more than 240 processing plants and net sales for the fiscal year ended June 30, 2006 of $37 billion. Additional information can be found on ADM’s Web site at http://www.adm.com/.
ADM Media Relations