Adds additional healthy ingredients to product portfolio
CHICAGO--(BUSINESS WIRE)-- Archer Daniels Midland Company (NYSE: ADM) today (Oct. 13) announced an agreement to purchase Specialty Commodities Inc. (SCI), a leading originator, processor and distributor of healthy ingredients, including nuts, fruits, seeds, legumes and ancient grains, for US$170 million, subject to post-closing adjustments.
“One of the ways we are improving returns and reducing the volatility of our earnings is through the expansion of our specialty ingredients portfolio,” said ADM Chairman and CEO Patricia A. Woertz. “One milestone in the ongoing process was the addition of WILD Flavors; the addition of Specialty Commodities Inc. is another step. Consumers around the world are demanding higher-quality, better-tasting, healthier foods with clean labels. We are continuing to add new product streams to our portfolio to enhance our capabilities to serve our customers as they respond to this demand.”
SCI, which was founded almost three decades ago, works with a global network of suppliers to source natural and organic ingredients and distribute them to customers in the snack, ice cream, cereal, nutrition bar, health food, bakery, pet food and bird food markets.
“We are pleased that SCI will become part of ADM,” said Larry Leitner, SCI founding partner and CEO. “SCI’s suppliers, colleagues and customers will benefit from ADM’s world-class innovation, supply-chain and manufacturing capabilities. And with our complementary geographies, similar business models, and shared focus on quality and customers, we see a bright future for the business.”
SCI is majority owned by Goldner Hawn Johnson & Morrison. When the transaction closes, SCI will become part of ADM’s new WILD Flavors and Specialty Ingredients business unit.
“This is another step as we continue to broaden the portfolio of ingredients we offer, enhance our knowledge and expertise, and focus on the quality of our products and the markets that matter most to our customers,” said Greg Morris, president, WILD Flavors and Specialty Ingredients.
ADM anticipates closing the transaction, which is subject to regulatory approval, in the coming weeks.
For almost 30 years, SCI has offered a full line of natural and organic products such as nuts, seeds, ancient grains, spices, dehydrated fruits and other ingredients. Its corporate headquarters is in Fargo, North Dakota; it has two processing facilities in California, locations in New Jersey, Illinois, and Minnesota, and does business in countries including China, Bolivia, Argentina, Brazil, India, South Africa, and Australia. Information at www.specialtycommodities.com.
Parke Warehouses Announces Major
Expansion Project in Decatur
Decatur, IL – Parke & Son, Inc. announced Oct. 8th a 140,000 square foot expansion of its existing warehouse and distribution facility on East Mound Road to meet current and anticipated growth in business associated with the Midwest Inland Port. The total investment for the facility and related equipment will total more than $6 million with construction set to begin immediately to support a mid-year 2015 completion date.
“Parke has been an important part of Decatur’s industrial community for more than 160 years,” said Richard Stoddard, Parke & Son, Inc. Chairman and CEO. “We are happy to have the opportunity to be among the first in making an investment that is directly related to business activity at the Midwest Inland Port, and we hope to be positioned to support additional growth in future years. Being in the Decatur – Macon County Enterprise Zone was a key factor in our making the decision to move forward with this project at this time.”
“This is another major positive development for the Decatur economy,” said Decatur Mayor Michael McElroy. “Parke is a long-term, valuable business leader in Decatur, and I am thrilled to see them make this investment in our community. This is yet another endorsement of Decatur and Central Illinois as a developing location for logistics projects.”
Bruce Stoddard, Parke & Son, Inc. President noted: “This development will provide construction jobs for approximately 48 people over the life of the project. We are pleased to have selected The Romano Company, a local company, as our general contractor and are happy that these construction jobs will provide opportunities for local skilled labor. Moreover, additional full-time jobs will become available upon the completion of the project with additional employment opportunities developing as we realize the full utilization of the additional space.”
Larry Altenbaumer, interim President of the Economic Development Corporation of Decatur and Macon County (“EDC”) noted, “This is another great success story. For more than 160 years, Parke has been a fixture in our community, evolving to meet changing business opportunities. It is outstanding that they are able to be one of the early successes associated with the strategic development of the Midwest Inland Port.”
Founded in Decatur in 1854, Parke & Son, Inc. has served the needs of America’s industrial community. Today, the operations that now combine to create Parke & Son, Inc. operate in more than 800,000 square feet and employ more than 80 men and women. Parke & Son, Inc. is a leading provider of commercial public warehousing, contract warehousing and toll processing and blending services.
Local Leaders Excited about Akorn Expansion
DECATUR – Today (Sept. 25) Akorn Inc. kicked off the third phase of an $18 million remodeling and expansion project, a multi-year capital improvements plan that will add local jobs and serves as the latest example of the company’s commitment to the Decatur Community.