Archer Daniels Midland (ADM) is acquiring Swiss company WILD Flavors for a reported €2.2 billion ($2.99 billion).
The Illinois-based company is buying the food and beverage ingredients maker in order to enhance and improve its products. The deal is worth a total of €2.3 billion as Archer Daniels Midland will pay €2.2 billion cash and assume about €0.1 billion in debt.
“This acquisition expands ADM’s ability to serve customers’ evolving needs today and well into the future,” said ADM Chairman and CEO Patricia Woertz.
“Natural flavor and ingredients is one of the largest and fastest-growing consumer trends in both developed and emerging markets, and WILD Flavors is the world’s leading provider of natural flavor systems to the food and beverage industry.”
ADM stock is up about 1.15% Monday morning.
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