CHICAGO--(EON: Enhanced Online News)--Archer Daniels Midland Company (NYSE:ADM) announced today that it will significantly expand overall grind and finishing capacity for sweeteners and starches at its corn wet mill facilities in Turkey and Bulgaria.
“One of our key strategic goals is to grow shareholder value through the expansion and diversification of our global corn footprint”
“We continue to see substantial opportunities for starch-based ingredients in Europe and Middle East markets, and, with these expansions, ADM will be well-positioned to meet growing customer demand across the region,” said Pierre Duprat, president, ADM Europe, Middle East and Africa. “By increasing production capacity and expanding our capabilities, we are ensuring that we will be able to offer our customers an expanded range of sweeteners and starches as sugar production quotas in the EU expire, and as demand from food and paper markets in Turkey and the Middle East continues to grow.”
ADM acquired full ownership of corn wet mills in Adana, Turkey, and Razgrad, Bulgaria, along with a 50 percent ownership stake in a corn wet mill in Szabadegyháza, Hungary, in November 2015, and has worked since then to achieve a smooth integration into the company’s global corn business. The plants produce a complete range of starch products, including liquid sweeteners, native and modified starches, crystalline fructose and dextrose.
In June 2016, ADM also completed the acquisition of a Casablanca, Morocco-based corn wet mill.
“One of our key strategic goals is to grow shareholder value through the expansion and diversification of our global corn footprint,” Duprat added. “Our recent acquisitions in Turkey, Bulgaria, Hungary and Morocco all represent major steps in meeting these goals. And we are continuing our efforts to enhance returns on all fronts: In addition to enhancing production capacity, the improvements we have made in Turkey and Bulgaria will also improve operational efficiency at these facilities, increasing our domestic and overseas sales competitiveness.”
ADM is targeting completion of the projects in the first half of 2018.
For more than a century, the people of Archer Daniels Midland Company (NYSE: ADM) have transformed crops into products that serve the vital needs of a growing world. Today, we’re one of the world’s largest agricultural processors and food ingredient providers, with more than 32,300 employees serving customers in more than 160 countries. With a global value chain that includes 428 crop procurement locations, 280 ingredient manufacturing facilities, 39 innovation centers and the world’s premier crop transportation network, we connect the harvest to the home, making products for food, animal feed, industrial and energy uses. Learn more at www.adm.com.