CHICAGO — Archer Daniels Midland (ADM) announced on Nov. 29 that it has completed its acquisition of Sojaprotein, a leading European provider of non-GMO soy ingredients. The company said the addition represents a significant expansion of ADM’s global alternative protein capabilities and its ability to meet growing demand for plant-based foods and beverages.
“ADM has been at the forefront of pioneering innovation in alternative proteins for more than seven decades, and we continue to invest to expand our capabilities to meet fast-growing demand for new protein solutions as we grow our nutrition business worldwide,” said Vince Macciocchi, president of ADM’s Nutrition business. “We welcome our new Sojaprotein colleagues to ADM, and we look forward to working with them. Together, ADM and Sojaprotein are perfectly positioned for continued growth as we work to meet the needs of European consumers who are looking for locally sourced, non-GMO plant-based ingredients in their food and beverages.”
Established in 1977, Serbia-based Sojaprotein exports into 65 countries, offering a wide range of non-GMO vegetable protein ingredients for an extensive list of European and global customers in the meat alternative, confectionery, protein bar, pharmaceutical, pet food, and animal feed segments.
ADM, which reached an agreement to acquire Sojaprotein in July, is a global leader in nutrition and agricultural origination and processing.
“Sojaprotein is a perfect fit for our growth strategy,” Juan Luciano, chief executive officer of ADM, said in July following the agreement. “It represents a strategic addition to our global protein production capacity. It is a successful growing company with 2020 sales of more than $100 million and an extensive list of customers in 65 countries in the meat alternative, confectionery, protein bar, pharmaceutical, pet food and animal feed segments.”
The addition of Sojaprotein to ADM’s portfolio is the latest significant investment as the company continues to grow in alternative proteins. Other additions include the company’s soy protein complex in Campo Grande, Mato Grosso do Sul, Brazil; its new pea protein plant in Enderlin, North Dakota; its PlantPlus Foods joint venture; and partnerships with innovative startups like Air Protein.
In its third-quarter earnings report, released in late October, ADM’s net earnings were $526 million, up 136% from the same period in 2020. In the nutrition segment, operating profit was $176 million, up 20% from a year ago.
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