Sweetener acquisition

Archer Daniels Midland Company has reached an agreement to purchase Meiweiyuan Biotechnology, a privately held sweetener manufacturer near the city of Wuhan, in the central Chinese province of Hubei.

“This acquisition helps further expand our footprint in regions with growing demand for our products,” says Chris Cuddy, president of ADM’s Corn Processing business. “Last November, we were excited to begin production at our new sweetener facility in Tianjin, which is allowing us to serve major customers in the northern part of the country as well as Asian export markets. Now, we are expanding to better meet demand for starches and sweeteners from customers in central and western China. This is another example of how ADM is looking for—and seizing—great opportunities for profitable growth.”

The proposed acquisition is subject to regulatory approval but ADM hopes to have it completed within the coming weeks.

ADM has also signed an MOU with the government of Hanchuan County, Hubei Province, in which the government commits to supporting ADM’s investment and its future expansion in the region.