SEOUL (dpa-AFX) - South Korean food and biotech company CJ CheilJedang Corp. (097950.KS) and ADM (ADM), announced Friday they have agreed to form a new joint venture to secure a reliable, long-term source of feed-grade amino acids critical to the livestock industry. The JV will be majority owned by CJ.
The JV will combine CJ's industry-leading fermentation technology to produce amino acids for animal nutrition and technical marketing, with ADM's U.S. manufacturing footprint and strong feedstock supply.
The joint venture is also positioned to seek enhanced cost competitiveness and support stable domestic production for North America.
Together, CJ and ADM will help to strengthen global food security and supply chain resilience as well as supporting American communities and manufacturing jobs.
The JV will include CJ facilities in Fort Dodge, Iowa, and Piracicaba, Brazil, and ADM amino-acid facility in Decatur, Illinois. CJ will license IP related to feed-grade amino acids for use by new joint venture.
ADM's other Decatur operations and its other global fermentation assets are not included in the transaction.
The launch date for the proposed joint venture is subject to customary closing activities as well as regulatory approvals.
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