Announces management appointments
CHICAGO--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) today announced that it had
completed its acquisition of Specialty Commodities Inc., a leading
originator, processor and distributor of healthy ingredients, including
nuts, fruits, seeds, legumes and ancient grains, for $191 million
(including $95 million in working capital), subject to post-closing
adjustments.
"We are continuing to expand our specialty ingredients portfolio to
better serve our customers, improve returns and reduce the volatility of
our earnings,” said Greg Morris, president of ADM’s WILD Flavors and
Specialty Ingredients business unit. “Now that Specialty Commodities has
joined ADM, we’ll be looking at ways to combine SCI’s healthy
ingredients with ADM’s existing products to offer our customers a wider
and fuller range of products.”
ADM also announced that Ken Campbell, formerly ADM’s vice president,
North American Oilseeds, has been named president, Specialty
Commodities. Kevin Andreson, Specialty Commodities’ former chief
operating officer, has been appointed ADM’s vice president, Specialty
Commodities. Larry Leitner, SCI’s founding partner and CEO, has stepped
down from that position and will join ADM’s WILD Flavors and Specialty
Ingredients business unit, bringing his extensive supply chain and
industry knowledge to help support growth throughout the business unit.
“We’ve put together a Specialty Commodities leadership team that is
ready to grow the business,” Morris added. “They know the importance of
this moment: consumers are demanding more of the healthy ingredients
that Specialty Commodities can provide, and they’re demanding those
ingredients in increasingly varied forms and applications. This is the
right time for this business, and we are well-positioned to take
advantage of the many opportunities ahead.”
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 470 crop procurement
locations, 285 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.
Archer Daniels Midland Company
Media Relations
Jackie Anderson
media@adm.com
217-424-5413