Tate & Lyle and ADM Confirm Completion of Eaststarch Deal
03 Nov 2015 --- Tate & Lyle PLC and ADM have announced that they have completed the transaction to re-align the Eaststarch corn wet milling joint venture in Europe. The signing of the agreement to re-align Eaststarch was announced on 21 April 2015.
Chris Cuddy, president of ADM’s Corn Processing business unit: “This acquisition is an important expansion for ADM’s Corn business. In order to continue to diversify our global footprint, our team has done a great job pursuing opportunities for profitable growth in key demand regions. We continue to enhance our capabilities to serve customers around the world, and to create value for our shareholders.”
ADM is now the owner of corn wet mills in Bulgaria and Turkey, and owns a 50 percent stake in a wet mill in Hungary. The Bulgaria, Turkey and Hungary facilities have a combined daily grind capacity of approximately 200,000 bushels. They produce primarily sweeteners and starches; the Hungary facility also produces ethanol for beverage, industrial and fuel uses.
