* Addition follows on 2015 sweetener expansion in Eastern Europe, represents continued execution of plan to grow global capabilities
Archer Daniels Midland Company (NYSE: ADM) today announced that it has agreed to acquire from Tate & Lyle (LON: TATE.L) a Casablanca, Morocco-based corn wet mill that produces glucose and native starch.
“The Morocco plant, which serves both global and regional customers in the food, feed, paper and corrugated board industries, is a great addition to our global sweeteners and starches footprint,” said Chris Cuddy, president of ADM’s Corn Processing business unit. “The facility is the leading sweetener and starch supplier in a country that should see substantial demand growth in the coming years. It is well-positioned to serve Moroccan customers as well as Mediterranean export markets. This also represents an opportunity to help introduce a wider range of ADM food and feed ingredients to the Moroccan market.”
The acquisition is subject to regulatory approval. ADM targets closing during the first half of 2016.
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. Source: Bloomberg