CHICAGO (BUSINESS WIRE) — Archer Daniels Midland Company today announced that it has completed the sale of its global cocoa business to Olam International Limited.
“I am tremendously proud of the work our entire global team is doing as we continue our journey to improve returns,” said CEO Juan Luciano. “We are delivering on a clear, aggressive plan to create value through strategic growth, an increased focus on operational efficiencies, and—when necessary—the divestiture of businesses that we believe are unable to meet, in the long run, our returns objectives. With each new acquisition, divestiture and strategic investment, we are advancing our plan and making our company stronger and our future brighter.”
The sale is valued at about $1.2 billion, subject to finalization of the post-closing adjustments. About 1,500 colleagues transferred to Olam with the business.
“Our cocoa team has done a great job preparing for this smooth transition, and we certainly wish them all the very best,” Luciano continued.