Archer Daniels Midland Co. has completed its purchase of Specialty Commodities Inc., a processor of healthy ingredients such as nuts, fruits and seeds.
The sale was valued at $191 million, including $95 million in working capital. The deal was announced Oct. 13.
Chicago-based ADM said Ken Campbell, formerly vice president of North American oilseeds, will be president of Specialty Commodities. Kevin Andreson, Specialty Commodities’ former chief operating officer, will become ADM vice president of Specialty Commodities. Larry Leitner, a founding partner and chief executive of Specialty Commodities, will join ADM’s Wild Flavors and Specialty Ingredients business unit.
“Now that Specialty Commodities has joined ADM, we’ll be looking at ways to combine SCI’s healthy ingredients with ADM’s existing products to offer our customers a wider and fuller range of products,” said Greg Morris, president of ADM’s Wild Flavors and Specialty Ingredients.
“Consumers are demanding more of the healthy ingredients that Specialty Commodities can provide, and they’re demanding those ingredients in increasingly varied forms and applications.”
Specialty Commodities, based in Fargo, North Dakota, is an originator, processor and distributor of fruits, nuts, seeds and grains. Its customers include businesses involved in the snack, ice cream, cereal, bakery and pet food industries. The company has two processing facilities in California as well as locations in Illinois, Minnesota and New Jersey. It does business in countries including Argentina, Australia, Bolivia, Brazil, China, India, and South Africa.