Archer Daniels Midland Company (ADM) has announced that it has reached an agreement to purchase a controlling stake in Harvest Innovations, a company with minimally processed, expeller-pressed soy proteins, oils and gluten-free ingredients.
More and more consumers are looking for foods that are gluten-free, not genetically modified, and that are healthy and organic, commented Vince Macciochi, president of ADM’s Wild Flavours and Specialty Ingredients business unit. With the acquisition, the company can now also provide customers with a fully integrated soy protein and gluten-free supply chain and products.
On the acquisition, Barry Nadler, president and co-owner of Harvest Innovations commented: “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 more great customer service.”
ADM will expect to close the transaction in the coming months, subject to regulatory approval.