ADM Continues Diversification with Harvest Innovations Acquisition
Archer Daniels Midland (ADM) announced it has agreed to acquire a controlling interest in Harvest Innovations.
The addition of the company, which is a leader in minimally processed, expeller-pressed soy proteins, oils, and gluten-free ingredients, will create the most vertically integrated soy protein company and the only fully integrated gluten-free solutions supply chain in the industry.
“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. “Today’s addition perfectly complements our existing ingredient businesses and offers customers a full-service, one-stop shop for their ingredient needs.”
Indianola, Iowa-based Harvest Innovations employs expeller pressing to minimally process grains, legumes and oilseeds into non-GMO, gluten-free ingredients at its two facilities in Indianola, Iowa and Deshler, Ohio. The company’s product range includes non-GMO soy chips, expeller-press soy flour, textured vegetable protein, organic soy chips, and gluten-free flours and pastas.
“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,” said Barry Nadler, president and co-owner of Harvest Innovations in an ADM statement announcing the deal. “This is a great opportunity for the Harvest business, the Harvest team and Harvest customers.”
This acquisition is apparently far from the last for ADM. “We are not done growing,” said Macciocchi. “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.”