ADM strengthens sweetener footprint with re-alignment of Eaststarch
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Posted: 3 November 2015 | Victoria White | No comments yet
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…
Archer Daniels Midland Company (ADM) has announced that it has completed the purchase of certain assets of Eaststarch C.V., ADM’s 50-50 joint venture with Tate & Lyle.
The signing of the agreement to re-align Eaststarch was announced on 21 April 2015.
“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 now owns facilities in Bulgaria and Turkey that produce sweeteners and starches
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.
Following completion of the Eaststarch re-alignment, Tate & Lyle has acquired full ownership of the more speciality-focused plant in Slovakia. Tate & Lyle has also received the cash consideration of €240 million.