ADM Purchases Harvest Innovations
Move enhances plant protein, gluten-free ingredient portfolio
• New capabilities build on and complement ADM’s wide range of ingredients to meet growing demand for organic, expeller-pressed, gluten-free and non-GMO food
• Combination will create industry’s broadest, most vertically integrated soy protein company, and only fully integrated supply chain—from origination to final ingredients—for gluten-free solutions
Archer Daniels Midland Company announced today it has reached an agreement to purchase a controlling stake in Harvest Innovations, an industry leader in minimally processed, expeller-pressed soy proteins, oils and gluten-free ingredients.
“More and more consumers are looking for foods that are gluten-free, that aren’t genetically modified, and that are healthy and organic, and ADM is perfectly positioned to meet those needs,” said Vince Macciocchi, president of ADM’s WILD Flavors and Specialty Ingredients business unit. “We were already the provider of choice for a wide range of healthy, clean-label ingredients, and in the last year, we’ve significantly expanded our product portfolio. Today’s addition perfectly complements our existing ingredient businesses and offers customers a full-service, one-stop shop for their ingredient needs.”
Harvest Innovations uses expeller pressing to turn grains, legumes and oilseeds into minimally-processed, non-GMO, organic, gluten-free ingredients. Products range from non-GMO soy chips, expeller-pressed soy flour and textured vegetable protein, to the industry’s only organic soy crisps, to gluten-free flours and pastas. “We are not done growing,” Macciocchi added. “Today, we offer an unmatched range of products, a fully integrated soy protein and gluten-free supply chain, and world-class formulation and solution expertise. We’re continuing to add to our capabilities, execute our plan to grow strategically, and deliver value for our customers and our shareholders.”
Harvest Innovations is based in Indianola, Iowa, and has a second processing facility in Deshler, Ohio. “This is a great opportunity for the Harvest business, the Harvest team and Harvest customers,” said Barry Nadler, president and co-owner of Harvest Innovations. “We’re excited to join our resources and expertise with ADM’s to grow our business, and to serve more customers with more products, more innovation, and more great customer service.”
ADM anticipates closing the transaction, which is subject to regulatory approval, in the coming months.
Some of the above statements constitute forward-looking statements. ADM’s filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, ADM assumes no obligation to update any forward-looking statements.