ADM to Acquire Eatem Foods Company
October 01 2015 - 9:23AM
Business Wire
- Addition of leading savory flavors
developer expands product portfolio, customer base
Archer Daniels Midland Company (NYSE: ADM) today announced an
agreement to purchase Eatem Foods Company, a leading developer and
producer of premium traditional, natural and organic savory flavor
systems.
“We’re accelerating our evolution from an ingredient supplier to
a complete solutions provider by systematically building and
acquiring capabilities to meet a wide range of customer needs,”
said Vince Macciocchi, president of ADM’s WILD Flavors and
Specialty Ingredients business unit. “Last year’s addition of
Specialty Commodities Inc. added capabilities in ancient grains and
expanded our nut and seed offering. Just a few weeks ago, we
announced our new, state-of-the-art flavor lab and customer
innovation center in Cranbury, New Jersey. And with today’s
announcement, we’ll be able to even better serve our customers and
the growing market for savory flavor blends with Eatem’s renowned
combination of culinary expertise and technical know-how.
“Eatem’s products and capabilities align exceptionally well with
consumer preferences for healthier foods, clean labels, ethnic
cuisines and natural flavors,” added Macciocchi. “And, their
expertise in flavors complements WILD’s strengths. This exciting
addition for ADM will allow us to broaden our capabilities in the
important foodservice and private brand channels. ADM’s WILD
Flavors and Specialty Ingredients business is following through on
its plan to grow profitably: broadening the product portfolio,
building the brand, enhancing structural capacity and expanding
geographically. This is a perfect example of how ADM is executing
on our plan to deliver value for our shareholders by targeting—and
delivering on—profitable bolt-on growth opportunities.”
Eatem, which was founded in 1983, is based in Vineland, New
Jersey, and is privately held. The company’s annual revenues have
been in the mid-$40 million range.
“We are excited that Eatem will become part of the ADM team,”
said Eatem CEO Ron Savelli. “Not only do Eatem’s savory flavor
systems fit well alongside ADM’s existing portfolio, but our people
also share a focus on quality and service that will benefit
suppliers and customers.”
ADM anticipates closing the transaction, which is subject to
regulatory approval, in the coming weeks.
Forward-Looking Statements
Some of the above statements constitute forward-looking
statements. ADM’s filings with the SEC provide detailed information
on such statements and risks, and should be consulted along with
this release. To the extent permitted under applicable law, ADM
assumes no obligation to update any forward-looking statements.
About Eatem Foods Company
Eatem Foods Company, established in 1983, is an industrial
leader and quality supplier of flavor systems. Built on a rich,
culinary heritage, we provide the foundation for many of the
country’s most recognizable savory brands. The founders of our
company instilled a food-focused passion that fuels us today.
We are foodies! We are inspired by, fanatical for, and simply
wild about food! It is this passion that drives us to develop
unique and exciting products and applications for our customers.
When you partner with Eatem Foods Company, you receive the
highest-quality ingredients and a creative partner with the shared
goal of getting you to market faster. Our agile team of sales
professionals, scientists, and culinary developers will provide you
with support from bench to plate. Learn more at
www.eatemfoods.com.
About ADM
For more than a century, the people of Archer Daniels Midland
Company (NYSE: ADM) have transformed crops into products that serve
the vital needs of a growing world. Today, we’re one of the world’s
largest agricultural processors and food ingredient providers, with
more than 33,000 employees serving customers in more than 140
countries. With a global value chain that includes more than 460
crop procurement locations, 300 ingredient manufacturing
facilities, 40 innovation centers and the world’s premier crop
transportation network, we connect the harvest to the home, making
products for food, animal feed, industrial and energy uses. Learn
more at www.adm.com.
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Archer Daniels Midland CompanyMedia
RelationsJackie Anderson, 312-634-8484media@adm.com
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