Archer Daniels Midland Company (ADM) announced its plan to acquire Flotek Industries’ Florida Chemical Company, LLC (FCC) on January 11, 2019.
The proposal is expected to close in the first quarter of 2019 as it requires regulatory approval. After the completion of the acquisition, about 75 employees of FCC will transfer to ADM.
ADM is a global leader in natural flavors in food and beverages. ADM has a global value chain in over 170 countries with supply from around 500 crop locations, innovation centers and a considerable number of food and food ingredient manufacturing facilities. The extensive supply chain of ADM has enabled the company to develop world’s leading transportation network that connects crop harvest to home and makes available products for applications in animal feed, food, industrial and energy uses.
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Florida Chemical Company has a specialization in citrus-based flavors and fragrances and a global provider of citrus ingredients and oils. The company’s high-quality products reach multiple applications such as fragrance, food and beverage, industrial and household products.
With the acquisition, ADM is expecting to enhance its offering of a broad range of high-quality products and also to lead the global position of citrus-based flavors at the global stage. According to the president of ADM’s business unit, citrus is one of the highly sought after flavor categories for food and forms the single most profile for taste in beverages.
ADM has garnered the trust in global nutrition industry as an industry innovator with its wide product nutrition portfolio capabilities. The acquisition will combine the strength of ADM’s research and development activities and Florida Chemical’s know-how in the citrus-based ingredient. The combination is expected to accelerate and expand ADM’s diverse product offerings to a broader and new consumer base.
Further, FCC conveyed that the company will continue its relationship with Flotek through an agreement of long term supply and joint activity of advanced chemical technologies for the agriculture and energy industries.
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