CHICAGO — Archer Daniels Midland Co. has completed the purchase of certain assets of Eaststarch C.V., the company’s 50-50 joint venture with Tate & Lyle. Eaststarch was formed in 1992.
|Chris Cuddy, president of ADM’s Corn Processing business unit|
“This acquisition is an important expansion for ADM’s Corn business,” said Chris Cuddy, president of ADM’s Corn Processing business unit. “In order to continue to diversify our global footprint, our team has done a great job pursuing opportunities for profitable growth in key demand regions. We continue to enhance our capabilities to serve customers around the world, and to create value for our shareholders.”
With the completion of the acquisition, ADM is now the owner of corn wet mills in Bulgaria and Turkey, and owns a 50% stake in a wet mill in Hungary. The Bulgaria, Turkey and Hungary plants have a combined daily grind capacity of approximately 200,000 bus. The facilities produce primarily sweeteners and starches; the Hungary facility also produces ethanol for beverage, industrial and fuel uses.As part of the transaction, ADM said it will supply Tate & Lyle with crystalline fructose from the Turkey facility. In addition, Tate & Lyle will use ADM as its exclusive agent for the sale of liquid sweeteners and industrial starches produced by its E.U. plants.