Archer Daniels Midland has completed the sale of its Arkady and distilled monoglycerides business, a unit of its speciality foods division, to Caravan Ingredients.
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The sale includes various product lines, such as bakery enhancers, mixes, enrichments and distilled monoglycerides, along with the existing customer base, intellectual property and trademarks associated with the business. No physical assets are included in the deal.
The divesture is part of ADM’s strategy to focus on core businesses, Mike Baroni, president, Speciality Foods, said. “We are concentrating on growing our company through areas where our current expertise and market position add the greatest leverage for our shareholders,” he commented.
As part of this refocusing, ADM is selling its blending, monoglycerides and SSL business, which generates annual sales of around US$50m.
Caravan Ingredients is own by Dutch company CSM.
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