ADM builds on IMC purchase

By Anthony Fletcher

- Last updated on GMT

Related tags Adm Subsidiary Brewing

ADM's appointment of Steven Furcich as president of International
Malting (IMC) follows last week's purchase of Lesaffres 50 per cent
interest in IMC.

This established IMC as a wholly-owned subsidiary of the group. The company believes that Furcich can now carry the division forward.

"ADM looks forward to making the transition as seamless as possible for both its customers and employees,"​ he said.

ADM's purchase of the French firm's interest in IMC is designed to strengthen the ingredient giant's position in the global malt and yeast business. The deal emphasises the importance of product diversification, and also the projected growth in this particular sector.

IMC was originally created as a joint venture in 1998 by ADM and Lesaffre. It has grown to become one of the worlds largest suppliers of malt to the brewing, distilling and food industries.

IMC operates malt plants in Australia, Canada, New Zealand and the United States.

ADM and Lesaffre Yeast Corporation will continue their cooperation in the Red Star Yeast Company joint venture.

Furcich joined the company in 1981, and has had responsibilities in several operations management positions including vice president-operations for global oilseed processing, cocoa and feed divisions.

He most recently served as president of ADM's natural health & nutrition division.

ADM also recently appointed Janice Binger as president of ADM's natural health & nutrition division. She will be responsible for the vitamin E, sterols and isoflavone businesses.

Headquartered in Illinois, US, ADM has over 26,000 employees, more than 240 processing plants and net sales for the fiscal year ended June 30, 2006 of $36.6 billion.

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