CHICAGO — Archer Daniels Midland Co. has agreed to acquire Eatem Foods Co., a Vineland, N.J.-based developer and producer of premium traditional, natural and organic savory flavor systems. Financial terms of the transaction were not disclosed.
“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, N.J. 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.”
Mr. Macciocchi said Eatem’s products and capabilities align “exceptionally well” with consumer preferences for healthier foods, clean labels, ethnic cuisines and natural flavors.
|Vince Macciocchi, president of ADM’s Wild Flavors and Specialty Ingredients business unit|
“Their expertise in flavors complements Wild’s strengths,” he said. “This exciting addition for ADM will allow us to broaden our capabilities in the important food service 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.”
Privately-held Eatem was founded in 1983. The company has annual revenues of approximately $40 million to $45 million.