Archer Daniels Midland Buying 2 Factories In India

Agriculture conglomerate has acquired two oilseeds processing factories in India, expanding its global reach and increasing its presence in that market.

DECATUR, Illinois (AP) -- Agriculture conglomerate Archer Daniels Midland Co. said Tuesday it has acquired two oilseeds processing factories in India, a move that expands its global reach and increases its presence in that market. Terms of the deal were not disclosed.

The Decatur, Illinois, company acquired facilities in the cities of Kota and Akola from Geepee Agri Private Ltd. The Kota site has soy processing capabilities that enable it to supply soy oil directly to the northern Indian market. It also can crush refine and package rapeseed.

The Akola location has soybean crushing, refining and packaging capabilities that will let Archer Daniels produce vegetable oil and meal for food and animal feed markets.

Archer Daniels said its latest India deal complements a recent purchase of Tinna Oils interests, which includes soybean and sunflower processing plants and a port warehouse.

The U.S. company also said it established a new Indian headquarters office near New Delhi in the state of Haryana.

ADM shares slipped 3 cents to $27.40 in premarket trading Tuesday.

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