International Malting Company Becomes Wholly-Owned Subsidiary of ADM
CHICAGO--(BUSINESS WIRE)-- Archer Daniels Midland Company (NYSE: ADM) today announced that International Malting Company (IMC) is now a wholly-owned subsidiary of ADM, after ADM completed the purchase of Lesaffre’s 50% interest in IMC. ADM and Lesaffre Yeast Corporation will continue their cooperation in the Red Star Yeast Company joint venture.
IMC was originally created as a joint venture in 1998 by ADM and Lesaffre. Today it has grown to become one of the world’s largest suppliers of quality malt to the brewing, distilling and food industries. IMC operates malt plants in Australia, Canada, New Zealand and the United States.
“ADM looks forward to making the transition as seamless as possible for both its customers and employees,” said Steven Furcich, President of IMC. “Going forward, customers can continue to expect the same high level of quality, service and innovation from IMC.”
“Lesaffre's malt business has been an important part of our family and company tradition,” added Patrick Lesaffre, Member and Vice Chairman of Lesaffre's Supervisory Board. “I am confident that ADM will maintain the quality and service that IMC is known for, and continue its close association with the brewing industry around the world.”
Lesaffre, headquartered in Lille, France, is a world leader in the production and sale of baker’s yeast and other yeast products. The company is privately owned. Additional information can be found on their Web site at www.lesaffre.com/.
Archer Daniels Midland Company (ADM) is a world leader in agricultural processing and fermentation technology. ADM is one of the world’s largest processors of soybeans, corn, wheat and cocoa. ADM is also a leader in the production of soybean oil and meal, ethanol, corn sweeteners and flour. In addition, ADM produces 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 $36.6 billion. Additional information can be found on ADM’s Web site at www.adm.com.
ADM Media Relations