Dive Brief:
- This week, Archer Daniels Midland Co. reported adjusted earnings of 61 cents per share, lower than the expected 65 cents per share. The company’s stock fell 6.20% to $32.27.
- On the same day, the company announced the purchase of Harvest Innovations, based in Indianola, IA, which will bring new capabilities to the company to assist in meeting demands for gluten free and non-GMO foods.
- The acquisition creates a one-stop shop to meet the gluten-free ingredient needs of customers.
Dive Insight:
Harvest Innovations is an industry leader in minimally processed, expeller-pressed soy proteins, oils and gluten-free ingredients. Its product line-up includes non-GMO soy chips, expeller-pressed soy flour, and textured vegetable protein. It also manufactures organic soy crisps, and gluten-free flours and pastas.
"We are not done growing," said Vince Macciocchi, president of the ADM’s WILD Flavors and Specialty Ingredients division, in a news release.
With the purchase of Harvest Innovations, ADM advances its strategic plan to expand from an ingredient supplier to a complete solution provider. Last year, the company announced it would purchase Eatem Foods Co., a developer and producer of premium traditional, natural, and organic savory flavor systems. It also added Superb, which is made from soybeans, to its specialty proteins sector, and announced plans to explore pea protein isolates and concentrates.