Archer Daniels Midland Company (NYSE: ADM) announced today that it has
reached an agreement to purchase Meiweiyuan Biotechnology Co., a
privately held sweetener manufacturer near the city of Wuhan, in the
central Chinese province of Hubei.
“This acquisition helps further expand our footprint in regions with
growing demand for our products,” said Chris Cuddy, president of ADM’s
Corn Processing business. “Last November, we were excited to begin
production at our new sweetener facility in Tianjin, which is allowing
us to serve major customers in the northern part of the country as well
as Asian export markets. Now, we are expanding to better meet demand for
starches and sweeteners from customers in central and western China.
This is another example of how ADM is looking for—and seizing—great
opportunities for profitable growth.”
The proposed acquisition is subject to regulatory approval. ADM hopes to
complete the transaction in the coming weeks.
ADM also announced that it has signed a memorandum of understanding with
the government of Hanchuan County, Hubei Province, in which the
government commits to supporting ADM’s investment and its future
expansion in the region.
“The Chinese government has called for increased investment in central
and western China,” said Ismael Roig, ADM’s president, Asia-Pacific. “We
see great opportunities in the region, and strongly believe that this
acquisition will help to create value for customers, communities and our
company. We expect this investment to meet our returns objectives.”
Forward-Looking Statements
Some of the above statements constitute forward-looking statements.
ADM’s filings with the SEC provide detailed information on such
statements and risks, and should be consulted along with this release.
To the extent permitted under applicable law, ADM assumes no obligation
to update any forward-looking statements.
About ADM
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
33,000 employees serving customers in more than 140 countries. With a
global value chain that includes more than 460 crop procurement
locations, 300 ingredient manufacturing facilities, 40 innovation
centers and the world’s premier crop transportation network, we connect
the harvest to the home, making products for food, animal feed, chemical
and energy uses. Learn more at www.adm.com.
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