Demand for gluten-free products has reached the supermarket to the world.
Chicago-based Archer Daniels Midland Co. said Tuesday it has agreed to buy a controlling stake in an Iowa company that specializes in soy proteins, oils and gluten-free ingredients. Financial terms weren’t released.
Harvest Innovations makes minimally processed gluten-free ingredients from grains, legumes and oilseeds that are used in a range of products, including gluten-free flours and pastas. Harvest Innovations will become part of ADM’s WILD Flavors and Specialty Ingredients unit.
“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,” said Vince Macciocchi, president of ADM’s WILD Flavors and Specialty Ingredients business unit.
“We were already the provider of choice for a wide range of healthy, clean-label ingredients, and in the last year, we’ve significantly expanded our product portfolio. Today’s addition perfectly complements our existing ingredient businesses and offers customers a full-service, one-stop shop for their ingredient needs.”
Harvest Innovations is based in Indianola, Iowa, and has a second plant in Deshler, Ohio.
Also Tuesday, ADM reported a fourth-quarter profit of $718 million. Earnings, adjusted for one-time gains and costs, came to 61 cents per share, missing Wall Street expectations by a penny.
The agribusiness giant posted revenue of $16.45 billion in the period.
For the year, the company reported profit of $1.85 billion, or $2.98 per share. Revenue was reported as $67.7 billion.
CONTRIBUTING: The Associated Press