DECATUR, ILL. — Archer Daniels Midland Co. said it has sold its 23% interest in Gruma, S.A.B. de C.V. and its equity investments in related joint ventures for $450 million plus an additional contingent payment of up to $60 million.

“We are pleased that we were able to reach an agreement with Gruma,” said Ray G. Young, chief financial officer for ADM. “This sale is part of our ongoing portfolio management actions to redeploy capital into key strategic areas that will help drive higher returns in the future.”

Under the terms of the sale, ADM received $450 million up front and also will receive up to $60 million in future contingent payments over the next 42 months. The contingent payments are triggered based upon various conditions, including: the increase in Gruma’s stock market price, over the closing price of Gruma’s stock determined for purposes of the transaction, at the end of the 42 month period; the difference between the price of Gruma’s stock fixed for public offers made by Gruma and the closing price; the acquisition, by any strategic investor of Gruma, of 15% or more of Gruma’s capital stock; or the percentage of Gruma’s shares that are considered to be held by the public at any time.

Despite exiting its ownership position in Gruma and related investments, ADM said it expects to maintain “a healthy and strong commercial relationship with Gruma globally.”