Adds leading North American pecan processor; new name and logo reflect expanded portfolio
CHICAGO--(BUSINESS WIRE)--Golden Peanut Company LLC, a subsidiary of Archer Daniels Midland
Company (NYSE: ADM), announced today that it has acquired the processing
facilities and certain assets of the Harrell Nut Company, one of the
country’s leading processors and shellers of pecans. Reflecting the
company’s continuing expansion of its product portfolio, Golden Peanut
also announced today that it is changing its name to Golden Peanut and
Tree Nuts.
“By expanding our product portfolio, we are improving our ability to
serve our customers while taking another step in our efforts to reduce
earnings volatility,” said Kris Lutt, president, Golden Peanut and Tree
Nuts. “Our diversification into tree nuts began earlier this year, when
we acquired 50 percent ownership of South African Pecans. We’re taking
another step today. The acquisition of Harrell Nut Company moves us into
the U.S. pecan market—a market that we expect will see increasing
consumer interest in the coming years.”
Harrell Nut Company is a major domestic pecan processor, with facilities
in Camilla, Georgia; El Paso, Texas; and Monticello, Florida. It serves
both domestic and international markets.
“In recent years, we’ve seen the demand for healthier, more convenient
foods drive up nut consumption,” Lutt added. “U.S. pecan demand has
grown almost 40 percent over the last decade. Now, we are moving to take
advantage of continuing growth. The Harrell family has built a great
business, and we look forward to working with them and their team to
make it even stronger as part of Golden Peanut and Tree Nuts.”
In addition to the name change, Golden Peanut and Tree Nuts is
introducing a new logo (which can be viewed here)
that reflects the company’s expanded product offerings.
“Our new name and logo reflect our commitment to growing and
diversifying our business,” Lutt continued. “Peanuts will remain a core
part of our business. We are building on that core, enhancing the range
of products and solutions we can provide to our customers.”
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 Golden Peanut and Tree Nuts
Golden Peanut and Tree Nuts, a subsidiary of Archer Daniels Midland
Company, is a leading handler, processor and exporter of peanuts and
tree nuts. Headquartered in Alpharetta, Georgia, the company has 10
processing facilities in the U.S., one in Argentina, and three in South
Africa.
About Harrell Nut Company
Harrell Nut provides the finest quality nuts possible while providing
unsurpassed customer service. Since its founding in 1994, the company
has grown into a major player in the pecan industry, thanks to the
dedication of its staff, the commitment of its stakeholders, and the
satisfaction of its customers. Harrell Nut Company serves as a wholesale
brand name, and services commercial accounts such as supermarkets,
bakeries, and many of the most recognized names in the food industry.
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