ADM has agreed to purchase a controlling stake in Harvest Innovations, a manufacturer of expeller-pressed, organic, and gluten-free ingredients.
In a step toward expanding its plant protein and gluten-free ingredients portfolio, Archer Daniels Midland (ADM; Chicago) announced yesterday it has agreed to buy a controlling stake in Harvest Innovations (Indianola, IA), a manufacturer of “minimally processed, expeller-pressed soy proteins, oils, and gluten-free ingredients.”
Harvest products include textured vegetable protein, non-GMO soy chips, expeller-pressed soy flour, organic soy crisps, and gluten-free flours and pasta made from grains, legumes, and oilseeds.
ADM describes its purchase of Harvest as a move toward creating the “industry’s broadest, most vertically integrated soy protein company, and only fully integrated supply chain-from origination to final ingredients-for gluten-free solutions.” Although the transaction is still subject to regulatory approval, ADM expects it to close in the coming months.
“More and more consumers are looking for foods that are gluten-free, that aren’t genetically modified, and that are healthy and organic, and ADM is perfectly positioned to meet those needs,” says Vince Macciocchi, president of ADM’s WILD Flavors and Specialty Ingredients business unit. “Today’s addition perfectly complements our existing ingredient businesses and offers customers a full-service, one-stop shop for their ingredient needs.”
Barry Nadler, president and co-owner of Harvest Innovations, also describes the transaction as a “great opportunity” for Harvest.
“We’re excited to join our resources and expertise with ADM’s to grow our business, and to serve more customers with more products, more innovation, and more great customer service,” says Nadler.
Nutritional Outlook Magazine