Archer Daniels Midland Co. (NYSE: ADM) announced that it had completed its acquisition of Specialty Commodities Inc., a leading originator, processor and distributor of healthy ingredients, including nuts, fruits, seeds, legumes and ancient grains, for $191 million (including $95 million in working capital), subject to post-closing adjustments.
"We are continuing to expand our specialty ingredients portfolio to better serve our customers, improve returns and reduce the volatility of our earnings,” said Greg Morris, president of ADM’s WILD Flavors and Specialty Ingredients business unit. “Now that Specialty Commodities has joined ADM, we’ll be looking at ways to combine SCI’s healthy ingredients with ADM’s existing products to offer our customers a wider and fuller range of products.”
ADM also announced that Ken Campbell, formerly ADM’s vice president, North American Oilseeds, has been named president, Specialty Commodities. Kevin Andreson, Specialty Commodities’ former chief operating officer, has been appointed ADM’s vice president, Specialty Commodities. Larry Leitner, SCI’s founding partner and CEO, has stepped down from that position and will join ADM’s WILD Flavors and Specialty Ingredients business unit, bringing his extensive supply chain and industry knowledge to help support growth throughout the business unit.
“We’ve put together a Specialty Commodities leadership team that is ready to grow the business,” Morris added. “They know the importance of this moment: consumers are demanding more of the healthy ingredients that Specialty Commodities can provide, and they’re demanding those ingredients in increasingly varied forms and applications. This is the right time for this business, and we are well-positioned to take advantage of the many opportunities ahead.”