March 27 – Archer Daniels Midland Company (NYSE: ADM) announced today that it has been granted exclusivity in relation to the proposed purchase of Chamtor, a French producer of wheat-based sweeteners and starches.
“After adding to our sweetener and starch capabilities in Eastern Europe, we are continuing to execute our strategy by expanding in Western Europe,” said Pierre Duprat, president, ADM Europe, Middle East and Africa. “Seventy percent of the European starch and derivatives market is in Western Europe. Chamtor is located in the heart of the European wheat belt, and is perfectly positioned to efficiently serve Western European sweetener and starch customers, particularly in France, Germany, Belgium and the Netherlands.”
Chamtor, founded in 1992, produces glucose, starch and proteins from wheat. The company, which is currently owned by Vivescia Industries, is located in Reims, France, and has about 210 employees.
In 2015, ADM purchased full ownership of corn wet mills in Bulgaria and Turkey, and a 50 percent stake in a wet mill in Hungary. Last year, the company acquired a sweetener and starch facility in Morocco, and announced expansion plans for the Turkey and Bulgaria plants.
“One of the key elements of our strategy to grow shareholder value is the expansion and diversification of our global sweetener and starch capabilities,” said Chris Cuddy, president of ADM’s Corn Processing business. “With our significant and growing footprint, we are looking forward to efficiently serving sweetener and starch customers throughout Europe.”
Under French law, the signing of an acquisition agreement is contingent upon informing and consulting with relevant employee representative bodies. Subject to that process, ADM is targeting completion of the sale, which requires regulatory approvals, by this summer.
Source: Business Wire