ADM to acquire stake in Russian foods and food ingredient business
In an effort to serve the growing Russian food and beverage industry, ADM will become 50 percent owner of the sweeteners and starches business of Russia-based Aston Foods and Food Ingredients. The transaction, which is subject to regulatory approval, is expected to close late in the second quarter of 2018.
Assets under the ownership agreement include Aston’s corn wet mills in Ibred and Novlyanka, which are strategically located close to major customers. “This investment is the latest in a series of important additions and enhancements we have made to grow our global Corn business,” said Chris Cuddy, president of ADM’s Corn Processing business, also noting that this acquisition, along with recent ones in the EU, Middle East, and North Africa markets, represents a substantial transformation for ADM’s corn business as it continues its geographical growth and diversification.
Aston, which is a leading exporter of agricultural goods and vegetable oils, is one of Russia’s largest producers of foodstuffs and ingredients and employs about 4,000.
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