ADM to open Beijing office, invests in bank
July 1, 2010
by Eric Schroeder
DECATUR, ILL. — Archer Daniels Midland Co. on July 1 said it will open an office in Beijing and invest $100 million in Agricultural Bank of China as part of a larger plan to grow in China.
“China’s agricultural market is growing in both supply and demand and represents significant growth opportunities for ADM,” said Patricia Woertz, chairman, president and chief executive officer of ADM. “These actions position ADM well to expand its participation in that growing market.”
ADM said the Beijing office will open sometime this year. The company has tapped Ismael Roig as vice-president and executive director of Asia-Pacific to lead ADM’s Asian business and growth activities. Mr. Roig, who previously was vice-president of planning and business development, will report to John Rice, executive vice-president of commercial and production.
“Ismael’s strategic acumen and commitment to developing ADM’s business will serve the company well as we seek to grow with the Chinese market and expand our presence in Asia overall,” Mr. Rice said.
ADM established the groundwork for its investment in the Agricultural Bank of China when it signed a memorandum of understanding on June 11.
“This collaboration offers two leading supporters of agricultural growth the ability to benefit from the insight and experience of one another,” Ms. Woertz said. “It provides an important vantage point to identify and act on emerging opportunities.”