Cargill spends $440m on ADM global chocolate business
Cargill has announced it will purchase Archer Daniels Midland Company’s (ADM) global chocolate business for $440 million. The sale is expected to close in the first half of 2015.
“As part of our ongoing portfolio management, we considered several options to strengthen the returns of this part of our business,” said ADM Chairperson and CEO Patricia A Woertz.
“The sale of the chocolate business helps improve ADM’s returns and will allow us to redeploy capital for higher return investments.”
Cargill will receive six chocolate manufacturing operations as part of the sale, in the US, Canada, the UK, Belgium and Germany. Around 700 employees will move across to Cargill as part of the sale.
ADM will cease cocoa processing operations at its Pennsylvania plant, resulting in 90 job losses. These employees will reportedly be offered severance packages and outplacement assistance.
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