WASHINGTON (dpa-AFX) - Archer-Daniels-Midland Company (ADM), Wednesday said it has agreed to buy a 75% stake in PetDine, Pedigree Ovens, The Pound Bakery and NutraDine, providers of private label pet treats and supplements.
The deal values the four enterprises in their entirety at about $600 million, and ADM will acquire 75% of the equity.
'We're continuing to advance our growth strategy and transform our company with targeted investments that expand our capabilities in large, high-growth segments, including pet nutrition - a key focus of our growing animal nutrition business,' said Vince Macciocchi, president of ADM's Nutrition business.
ADM will also acquire the companies 300,000+ square feet of state-of-the-art production and innovation facilities in Illinois and Colorado. The deal also includes a put/call option under which the parties could agree for ADM to purchase the remaining 25 percent at an agreed-upon market price in the coming years.
Copyright RTT News/dpa-AFX
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