ADM has agreed to acquire citrus flavours producer Florida Chemical Company (FCC), a division of Flotek Industries, for an undisclosed sum.
Founded in 1942, Florida Chemical Company produces a wide range of high-quality citrus flavour ingredients, speciality terpenes and formulated products primarily for the flavour, fragrance and consumer products markets.
The deal, which is subject to regulatory approval, is expected to close in the first quarter of 2019. When the transaction is completed, FCC’s approximately 75 employees will transfer to ADM.
ADM claims that this purchase greatly expands its position in the citrus flavours market, as FCC’s product portfolio includes individual citrus flavour materials and essential oils, including customised flavour blends; flavour enhancers for grapefruit and other citrus fruits; as well as citrus flavour modifiers specifically targeted to improve the quality and taste of food and beverages sweetened with natural or artificial sweeteners.
Vince Macciocchi, president of ADM’s Nutrition business unit, said: “ADM is already a leader in natural flavours for food and beverages, offering a wide variety of high-value products and solutions in areas such as vanilla and mint, and this acquisition will place us in a leadership position for citrus flavours as well.
“Citrus is one of the fastest-growing flavour categories, and the single most important taste profile for beverages, and no one in North America does citrus better than Florida Chemical Company.”
Josh Snively, president of Florida Chemical and Flotek’s executive vice president of operations, added: “ADM has long been an admired industry innovator whose global nutrition portfolio capabilities are second-to-none.
“Florida Chemical’s citrus expertise, together with our combined leadership in research and development, will allow us to strategically accelerate and expand our diverse offering to a wide and growing customer base.
“Additionally, I am pleased that we will continue our strong relationship with Flotek through both a long-term supply agreement and through the joint pursuit of next-generation chemistry technologies for the energy and agriculture industries.”
Source: FoodBev
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