In Illinois, ADM made three huge announcements in one day including a 50-50 joint venture with Russia-based Aston Foods and Food Ingredients to provide sweeteners and starches to customers in Russia.
Aston is one of Russia’s largest agricultural and food ingredients businesses, with activities in farming, oilseeds crushing, edible oils and grain origination, in addition to its sweeteners and starches business unit. ADM has had operations in Russia since 1980. Effective from June 29, 2018, the joint venture will operate under the name AKP and will be managed as a standalone entity. Its board will be made up of equal representation from the two parent companies. ADM and Aston’s other businesses in Russia will remain separate.
ADM also completed the agreement for their new joint venture with Cargill called SoyVen, which will provide soybean meal and oil for customers in Egypt. SoyVen owns and operates the National Vegetable Oil Company soy crush facility in Borg Al-Arab, along with related commercial and functional activities, including a separate Switzerland-based entity supplying soybeans to the Egypt crush plant. The plant’s daily crush capacity has been doubled to 6,000 metric tons in order to meet increasing Egyptian demand for higher-protein soybean meal and for oil, reducing the need for imports.
ADM also announced a proposed acquisition of Neovia, a global provider of value-added animal nutrition solutions, with 72 production facilities and a presence in 25 countries, headquartered in Saint-Nolff, Britanny, France. The 100% cash deal has an approximate enterprise value of €1.535 billion, subject to customary adjustments.
Category: Producer News