US: ADM buys up flavour firm

Agribusiness giant Archer Daniels Midland (ADM) is paying e2.2 billion (R32bn) to buy privately held Swiss company Wild Flavors, which supplies natural ingredients to the food and beverage industry. In addition to the all-cash deal, ADM will assume about e100 million in debt. ADM processes maize, soya beans and other crops to make everything from animal feed to ethanol. The company says the deal expands its ability to serve the evolving needs of its customers. Wild Flavors sells full flavour and ingredient products known as flavour systems, as well as fruit juice concentrates and blends and natural flavours. The firms expect to close the deal by the end of the year. – Sapa-AP