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Archer-Daniels-Midland Co (NYSE:ADM) opened in the green this morning after announcing plans of buying FDL – a U.K. based producer of premium flavours.
Details of ADM-FDL agreement
ADM refrained from divulging financial details of the agreement but Calvin McEvoy – its President of Global Flavours said in a press release today:
Our ongoing investments to add to our flavours portfolio are helping power our strategic work to build a global leader in Nutrition.
Archer-Daniels-Midland had close to $1.5 billion in cash and equivalents at the end of its third financial quarter in which its revenue sunk a worse-than-expected 12.1% to $21.69 billion.
Wall Street currently has a consensus “overweight” rating on shares of the food processing and commodities trading corporation.
ADM also bought Revela this week
Archer-Daniels-Midland expects FDL that operates three facilities in the United Kingdom to report $120 million in sales this year.
The aforementioned transaction will likely complete in January so long that it meets the customary closing conditions. Note that ADM acquired Revela Foods – a dairy flavouring company from New Heritage Capital this week as well.
Watch here: https://www.youtube.com/embed/YJeiCYnihtw?feature=oembedAnalysts at BMO Capital Markets expect ADM to benefit from its efforts to expand its portfolio in 2024. But ethanol and soy crush margins will likely remain under pressure in the coming year, they added in a recent research note.
That’s why they downgraded shares of the Chicago-based multinational that pay a dividend yield of near 2.50% to “market perform” on Monday.
The post ADM just announced another acquisition to grow its nutrition business appeared first on Invezz
