Archer Daniels Midland Company (ADM) has entered into an agreement to acquire a controlling interest in gluten-free ingredients provider Harvest Innovations.
ADM's WILD Flavors and Specialty Ingredients business unit president Vince Macciocchi said: "More and more consumers are looking for foods that are gluten-free, that aren't genetically modified, and that are healthy and organic, and ADM is perfectly positioned to meet those needs.
"We were already the provider of choice for a wide range of healthy, clean-label ingredients, and in the last year, we've significantly expanded our product portfolio. Today's addition perfectly complements our existing ingredient businesses and offers customers a full-service, one-stop shop for their ingredient needs."
Harvest Innovations uses expeller pressing to convert grains, legumes, and oilseeds into non-GMO, organic, gluten-free ingredients with minimal processing. The company provides a range of products from non-GMO soy chips, expeller-pressed soy flour and textured vegetable protein to organic soy crisps, gluten-free pastas and flours.
Harvest Innovations president and co-owner Barry Nadler said: "This is a great opportunity for the Harvest business, the Harvest team and Harvest customers. We're excited to join our resources and expertise with ADM's to grow our business, and to serve more customers with more products, more innovation, and greater customer service."
The transaction closure is subject to regulatory approval and ADM hopes to complete the acquisition process in the next couple of months.
Recently, ADM and Wilmar signed an agreement which facilitates their joint venture Olenex to become fully functional in order to market oils and fats in Europe. Under the agreement, ADM would put two of its sites into the joint venture. A specialty oils and fats facility and a palm refining plant in Hamburg, Germany, would be added to the joint venture.
Wilmar would add its tropical oils processing plants in Brake, Germany and Rotterdam, the Netherlands, top the JV Olenex. The JV will also include the integration of raw materials sourcing, trading, and sales and marketing operations.
