Sector News

ADM Grows Sweetener Business in China with Agreement to Purchase Meiweiyuan Biotechnology

May 18, 2015
Food & Drink
(BUSINESS WIRE) – Archer Daniels Midland Company (NYSE: ADM) announced today that it has reached an agreement to purchase Meiweiyuan Biotechnology Co., a privately held sweetener manufacturer near the city of Wuhan, in the central Chinese province of Hubei.
 
“This acquisition helps further expand our footprint in regions with growing demand for our products,” said Chris Cuddy, president of ADM’s Corn Processing business. “Last November, we were excited to begin production at our new sweetener facility in Tianjin, which is allowing us to serve major customers in the northern part of the country as well as Asian export markets. Now, we are expanding to better meet demand for starches and sweeteners from customers in central and western China. This is another example of how ADM is looking for—and seizing—great opportunities for profitable growth.”
 
The proposed acquisition is subject to regulatory approval. ADM hopes to complete the transaction in the coming weeks.
 
ADM also announced that it has signed a memorandum of understanding with the government of Hanchuan County, Hubei Province, in which the government commits to supporting ADM’s investment and its future expansion in the region.
 
“The Chinese government has called for increased investment in central and western China,” said Ismael Roig, ADM’s president, Asia-Pacific. “We see great opportunities in the region, and strongly believe that this acquisition will help to create value for customers, communities and our company. We expect this investment to meet our returns objectives.”
 
Source: ADM

comments closed

Related News

July 3, 2022

Heineken to take control of Long Chuan Zuan Co brewery

Food & Drink

Heineken has entered into an agreement with Sanyo Whisbih Group to take over majority ownership of the Long Chuan Zuan Co brewery in Taiwan. With this investment in local production, Heineken says it will become the first international brewer to have a brewery in the country.

July 3, 2022

Mondelēz to reopen damaged potato chip plant in Ukraine

Food & Drink

Mondelēz International plans to reopen a potato chip plant, located on the outskirts of Kyiv, that was damaged in the ongoing Russia-Ukraine conflict, according to Reuters. The facility, which was closed in March after suffering serious damage, will resume production while still undergoing repairs, a company spokesperson told Reuters.

July 3, 2022

Diageo to wind down operations in Russia

Food & Drink

Diageo has announced it will wind down its Russian business operations over the next six months, with plans to fully withdraw by the end of the year, according to Reuters. In March, the drinks giant suspended all exports of its products to Russia as well as the manufacturing of its beers, which are brewed locally under license by third parties.