ADM acquires flavours business
Archer Daniels Midland Company has completed the acquisition of Wild Flavors GmbH.
“One of the most important ways we are working to increase returns and reduce earnings volatility is through the growth of our specialty ingredient offerings,” says ADM chairman and CEO Patricia Woertz. “These high-value products provide the opportunity for increased margins and strong sales aligned with global consumer trends. Wild Flavors is the latest in a series of strategic expansions in specialty ingredients, including our new Brazilian protein specialties complex and our Chinese soluble-fibre facility.”
ADM will form a new business unit, Wild Flavors and Specialty Ingredients, which will include the Wild business as well as the following ADM product lines: specialty proteins (including isolated soy proteins, textured vegetable protein, soy protein concentrates, and soy flour and grits); emulsifiers; edible beans; natural health and nutrition (natural-source vitamin E, plant sterols, soy isoflavones and Omega-3 DHA); soluble fibre; polyols; hydrocolloids.
The new business unit will be a reportable segment beginning 1 January 2015.
Greg Morris will be president of the Wild Flavors and Specialty Ingredients business unit. He most recently was ADM’s president, North American Oilseeds Processing, where in addition to overseeing more than two dozen oilseed crushing plants, he led the creation of the company’s Foods & Wellness business, developing a high-margin, highly specialised portfolio of innovative products.
Wild North American chief operating officer Vince Macciocchi has been named global president, Wild Flavors. In addition to leading the Wild Flavors business worldwide, Macciocchi will be responsible for designing the new business unit’s go-to-market strategy and will have a key role in several ADM initiatives, including the company’s innovation and customer excellence efforts.
Mike Ponder, Wild’s chief executive officer, recently announced his retirement and will join former majority owner Dr Hans-Peter Wild on an advisory board for the business.