ADM swaps stakes with AGP
claims it is to acquire Ag Processing Inc.'s stake in the U.S. and
Caribbean operations...
The American grain processing giant Archer Daniels Midland Co. claims it is to acquire Ag Processing Inc.'s stake in the U.S. and Caribbean operations of animal feed maker Consolidated Nutrition. As part of the deal, AGP, a cooperative-owned soybean processor and oil refiner, will acquire ADM's 50 per cent interest in AGP Inc., the Canadian feedmaker marketed under the Masterfeeds brand name and owned 50 per cent each by ADM and AGP. Consolidated Nutrition is also equally owned by ADM and AGP. "The acquisition of Consolidated Nutrition strengthens ADM's feed business and provides the potential for cost savings within our feed operations," said ADM Chief Executive G. Allen Andreas. AGP Chief Executive Officer Marty Reagan said: "Soybeans are experiencing exciting growth in food and industrial applications, and AGP will be concentrating its management and financial resources in these areas." Source: Reuters
