Archer Daniels Midland (ADM) Acquires Caterina Foods; No Terms
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Archer Daniels Midland Company (NYSE: ADM) announced today that it has purchased the assets of Caterina Foods, a leading toll manufacturer of specialty gluten-free and high-protein pastas.
“ADM is continuing to deliver on our strategy to create shareholder value by expanding our capabilities downstream in the value chain,” said Vince Macciocchi, president of ADM’s WILD Flavors and Specialty Ingredients business. “Caterina is a toll processor for our majority-owned Harvest Innovations, and will be a key part of our growth plans for that important business. The addition of the Caterina business gives us yet another way in which to meet the needs of health-conscious consumers—in this case expanding our ability to produce specialty pastas from legumes and grains other than wheat.”
Caterina produces gluten-free and high-protein pastas in a variety of shapes and sizes from flours made from corn, lentils, peas, rice, quinoa and many other grains and legumes.
“Since we purchased a controlling stake in Harvest Innovations, we have continued to see increased demand for gluten-free and other non-wheat pastas,” Macciocchi continued. “Together, Harvest and Caterina will allow us to streamline our operations while expanding our capabilities in this growth area. We are looking forward to finding new ways to expand and advance the Harvest and Caterina businesses, and working with customers across the country to meet their ingredient needs for health-conscious consumers.”
Caterina Foods, based in Lake Bluff, Illinois, has about 60 employees.
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