CHICAGO--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) today announced that it has completed the sale of its global chocolate business to Cargill.
“We are continuing to create shareholder value, whether through profitable growth—such as the recent expansion of our port network and the addition to our corn footprint in Europe—or by divesting businesses for which we don’t see a long-term path toward achieving acceptable returns,” said CEO Juan Luciano. “I am proud of the team that identified and delivered on this sale and others like it—including the proposed sale of our cocoa business—which are helping to ensure that we continue to drive results for our shareholders and our company.”
The sale is valued at about $440 million, subject to post-closing adjustments. About 670 colleagues transferred to Cargill with the business.
“I would like to thank the chocolate team for their dedication, and we of course wish them the best,” Luciano continued.
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 33,000 employees serving customers in more than 140 countries. With a global value chain that includes more than 460 crop procurement locations, 300 ingredient manufacturing facilities, 40 innovation centers and the world’s premier crop transportation network, we connect the harvest to the home, making products for food, animal feed, chemical and energy uses. Learn more at www.adm.com.