CHICAGO--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) announced today that it has reached an agreement to purchase a controlling interest in Industries Centers, an Israeli company specializing in the import and distribution of agricultural feed products.
“With this investment, we are continuing to expand and enhance our core value chain, including our ability to deliver direct to the customer,” said Joe Taets, president of ADM’s Agricultural Services business unit. “Industries Centers offers an entry point into a strong, established Israeli market. We have worked with them in the past to help us import our own products into Israel, and we know them as an experienced, capable partner.”
Industries Centers, founded in 1993, trades corn byproducts and other grain products. It has offices in the Tel Aviv area, and operates a 45,000 MT storage facility strategically located at the Port of Ashdod. The company has a significant and diversified customer base within Israel. It is privately owned.
“This is a great opportunity for us to reach new customers with a wide array of products, from soybean meal to grains to feed ingredients,” Taets continued. “It also represents a further expansion of our destination marketing capabilities, which remain a strategic priority as we work to enhance shareholder returns by extending our value chain to the end customer.”
The transaction is subject to regulatory approval in Israel. ADM anticipates completing the deal in the coming months.
Some of the above statements constitute forward-looking statements. ADM’s filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, ADM assumes no obligation to update any forward-looking statements.
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 approximately 32,000 employees serving customers in more than 160 countries. With a global value chain that includes approximately 500 crop procurement locations, 250 ingredient manufacturing facilities, 38 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.