LONDON – The American agricultural giant Archer Daniels Midland said on Monday that it has agreed to acquire Wild Flavors, a Swiss drink and food flavoring company, for 2.3 billion euros, or about $3.1 billion, in cash and debt.
A.D.M., which is based in Decatur, Ill., said it expects to combine Wild Flavors with its specialty ingredient business, creating a business with about $2.5 billion in annual sales.
The deal coincides with the trend of consumers buying food and beverages with more natural flavors and ingredients, and it complements A.D.M.'s recent investments in Brazil and China, company said.
"It is consistent with our long-term strategy to diversify the crops we process and expand and diversify our product portfolio," Patricia A. Woertz, the A.D.M. chief executive, said in a statement.
The deal is subject to regulatory approval and is expected to close by the end of the year.
As part of the transaction, A.D.M. will pay €2.2 billion in cash to Hans-Peter Wild, the company's chairman and owner, and funds affiliated with the private equity firm Kohlberg Kravis Roberts, which invested in Wild Flavors in 2010. Mr. Wild is the son of the company's founder.
A.D.M. also will assume about €100 million in debt.
Founded in Heidelberg, Germany, in 1931, Wild Flavors provides flavoring products to the food and beverage industry. The company, based in Zug, Switzerland, has more than 3,000 customers worldwide and is estimated to post revenue of about €1 billion this year.
Barclays and Skadden, Arps, Slate, Meagher & Flom are advising A.D.M. on the transaction.
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