- Addition of leading savory flavors developer expands product portfolio, customer base
CHICAGO--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) today announced an agreement
to purchase Eatem Foods Company, a leading developer and producer of
premium traditional, natural and organic savory flavor systems.
“We’re accelerating our evolution from an ingredient supplier to a
complete solutions provider by systematically building and acquiring
capabilities to meet a wide range of customer needs,” said Vince
Macciocchi, president of ADM’s WILD Flavors and Specialty Ingredients
business unit. “Last year’s addition of Specialty Commodities Inc. added
capabilities in ancient grains and expanded our nut and seed offering.
Just a few weeks ago, we announced our new, state-of-the-art flavor lab
and customer innovation center in Cranbury, New Jersey. And with today’s
announcement, we’ll be able to even better serve our customers and the
growing market for savory flavor blends with Eatem’s renowned
combination of culinary expertise and technical know-how.
“Eatem’s products and capabilities align exceptionally well with
consumer preferences for healthier foods, clean labels, ethnic cuisines
and natural flavors,” added Macciocchi. “And, their expertise in flavors
complements WILD’s strengths. This exciting addition for ADM will allow
us to broaden our capabilities in the important foodservice and private
brand channels. ADM’s WILD Flavors and Specialty Ingredients business is
following through on its plan to grow profitably: broadening the product
portfolio, building the brand, enhancing structural capacity and
expanding geographically. This is a perfect example of how ADM is
executing on our plan to deliver value for our shareholders by
targeting—and delivering on—profitable bolt-on growth opportunities.”
Eatem, which was founded in 1983, is based in Vineland, New Jersey, and
is privately held. The company’s annual revenues have been in the
mid-$40 million range.
“We are excited that Eatem will become part of the ADM team,” said Eatem
CEO Ron Savelli. “Not only do Eatem’s savory flavor systems fit well
alongside ADM’s existing portfolio, but our people also share a focus on
quality and service that will benefit suppliers and customers.”
ADM anticipates closing the transaction, which is subject to regulatory
approval, in the coming weeks.
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 Eatem Foods Company
Eatem Foods Company, established in 1983, is an industrial leader and
quality supplier of flavor systems. Built on a rich, culinary heritage,
we provide the foundation for many of the country’s most recognizable
savory brands. The founders of our company instilled a food-focused
passion that fuels us today.
We are foodies! We are inspired by, fanatical for, and simply wild about
food! It is this passion that drives us to develop unique and exciting
products and applications for our customers. When you partner with Eatem
Foods Company, you receive the highest-quality ingredients and a
creative partner with the shared goal of getting you to market faster.
Our agile team of sales professionals, scientists, and culinary
developers will provide you with support from bench to plate. Learn more
at www.eatemfoods.com.
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,
industrial and energy uses. Learn more at www.adm.com.
Archer Daniels Midland Company
Media Relations
Jackie Anderson, 312-634-8484
media@adm.com