Following the company’s failed attempt to purchase GrainCorp earlier this year, US agribusiness giant Archer Daniels Midland (ADM) has just announced that it will pay $US3 billion to purchase Swiss company, Wild Flavours.
Wild Flavours supplies natural ingredients to the food and beverage manufacturing industry, and has production sites in Europe, Asia, South America and the US.
According to ADM, the acquisition will enable the company to better serve its customers evolving needs within its food and wellness business which produces products for the beverage, meat, snack and bakery markets, The Mercury reports.
Wild Flavours, which has an estimated revenue of about $US1.36b for this year, will be purchased by ADM as an all-cash deal. The transaction is expected to be finalised by year’s end.