Archer Daniels Midland (ADM) has gained full control of the largest processor and exporter of peanuts in the US, Golden Peanut Co.
The US-based agribusiness giant has taken control of the business after buying Alimenta (USA), its partner in the Golden Peanut venture. The two companies held a 50% share in Golden Peanut.
ADM said yesterday (4 January) that it had acquired all of the outstanding capital stock of Alimenta (USA) from Alimenta SA, a Switzerland-based agricultural trading company.
“Golden Peanut Company has a strong and diverse customer base,” said Steve Mills, ADM senior executive vice president, performance and growth. “With well-positioned assets, strong customer relationships and an experienced management team, we believe Golden Peanut Company will realise profitable growth in the future. In addition to generating solid financial returns, this acquisition will also create synergies with current ADM operations.”
Headquartered in Alpharetta, Georgia, Golden Peanut is the largest US handler, processor and exporter of peanuts, peanut oil and peanut-derived ingredients. The company’s operations include seven handling facilities located in peanut-producing regions of the US and one facility in Argentina.
As part of the transaction, ADM has agreed to not use the Alimenta name. Other terms of the agreement have not been disclosed.
In August, ADM booked an increase in full-year profits and said it was committed to using its strong balance sheet and cash flow to “deliver shareholder value”.