Dive Brief:
- Archer Daniels Midland announced Thursday its intended acquisition of Eatem Foods Company, which develops and produces premium traditional, natural, and organic savory flavor systems, according to a news release.
- "We’re accelerating our evolution from an ingredient supplier to a complete solutions provider by systematically building and acquiring capabilities to meet a wide range of customer needs," according to Vince Macciocchi, president of ADM’s WILD Flavors and Specialty Ingredients business unit, in a news release.
- Eatem's yearly revenues are in the mid-$40 million range, according to ADM. The acquisition should close in the coming weeks.
Dive Insight:
Savory flavors are the talk of the industry, and in particular were featured at the Summer Fancy Food Show this year.
This follows multiple announcements from the company, including a new R&D facility, which the company hopes will help its WILD Flavors business. With this acquisition, the company is keeping to this plan.
"ADM’s WILD Flavors and Specialty Ingredients business is following through on its plan to grow profitably: broadening the product portfolio, building the brand, enhancing structural capacity and expanding geographically," added Macciocchi. This is a perfect example of how ADM is executing on our plan to deliver value for our shareholders by targeting—and delivering on—profitable bolt-on growth opportunities.”