BELGRADE (Serbia), July 27 (SeeNews) - US food processing and commodities trading giant Archer Daniels Midland, or ADM, said it has inked a deal to acquire Serbian non-GMO soy ingredients provider Sojaprotein in a drive to enhance its global alternative protein platform.
The financial details of the transaction, which hinges on regulatory approvals, remained undisclosed in the press release published by the US firm on Monday.
Sojaprotein offers non-GMO vegetable protein ingredients for global customers in the meat alternative, confectionary, protein bar, pharmaceutical, pet food and animal feed segments. The company, which was set up in 1977, has sales in 65 countries. The business booked more than $100 million (84.7 million euro) in sales in 2020.
The soybean concentrates maker is a subsidiary of Serbian agribusiness company Victoria Group. Both companies are controlled by Belgrade-based investment firm MK Group.
"The arrival of a world-renowned strategic investor, with a tradition of 120 years and a global value chain stretching from farms to grocery shelves, is proof of the success and sustainable business model of our company, but also a great compliment for Serbia and our agri-food sector,” Victoria Group’s CEO Stefan Babovic noted in a separate statement.